ABC Limited$$s risk management framework is aligned with the requirements of the King IV Report and consists of all of the following activities:

a$)$ Understanding all the key risks

b$)$ Ensuring that the treatment of all the high risks is effective

c$)$ Setting the risk strategy for the organisation

d$)$ Providing assurance on the risk management processes

e$)$ Establishing and communicating the risk management departments$$ vision

f$)$ Training staff in the risk management department

g$)$ Facilitating risk identification and assessment

h$)$ Evaluating the reporting of key risks

Enterprise risk management $($ERM$)$ allows ABC Limited to identify key risks and provide the executive management and the board with a comprehensive evaluation of the organisation$$s principal risks. The principal risks are identified after a process of objective setting and risk assessment. The process adopts a bottom$-$up and top$-$down approach to identify and allocate risks across all levels of the organisation. Internal controls are fully embedded into all operations.

REQUIRED MARKS

$1\mathrm{.}1$

Indicate for each of the risk management activities $($a$-$h$)$ in Part A$,$ which of the following relevant role players will be responsible for the activity.

$1\mathrm{.}1\mathrm{.}1$ Board of directors$/$Risk Committee

$1\mathrm{.}1\mathrm{.}2$ Senior management$/$Risk Management Department

$1\mathrm{.}1\mathrm{.}3$ Internal Audit Function

$(8)$

$1\mathrm{.}2$

Identify and explain ABC Limited$$s risk maturity level.

$(2)$