FORMATIVE ASSESSMENT $2[100$ MARKS$]$ NAME OF ORGANISATION: ITHALA BANK, FINANCIAL SERVICES SECTOR OVERVIEW: Ithala SOC Limited, commonly referred to as Ithala Bank, is a state$-$owned financial institution based in KwaZulu$-$Natal, South Africa. Established to promote economic development and empowerment, particularly in rural areas, Ithala offers a range of financial services, including business finance, personal banking, and property leasing. PURPOSE: The Ithala Development Finance Corporation Limited $($IDFC or Ithala$)$ was established in $1958$ as a development finance agency, wholly owned by the province of KwaZulu$-$Natal, mandated to assist government in promoting economic development and empowerment in the province. In its current form, Ithala functions through the promulgation of the KwaZulu$-$Natal Ithala Development Finance Corporation Act, $2013($Act No$.5$ of $2013),$ under them oversight of the Board and reports to the Provincial Department of Economic Development, Tourism and Environmental Affairs $($EDTEA$).$ Ithala is listed as a Schedule $3$D Provincial Business Enterprise in terms of the Public Finance Management Act $($No$.1$ of $1999,$ as amended$)($PFMA$).$ VISION To be the catalyst for growth, socio$-$economic development, and empowerment in the KwaZulu$-$Natal Province. The Reserve Bank Governor, Lesetja Kganyago, has tasked you, as a risk management practitioner, with conducting a comprehensive risk assessment report for the organization. This report is crucial considering the various challenges the bank has encountered over the years. The report should address the key areas outlined in the terms of reference, which will enable the bank to make the relevant deliberations on how to handle the issues pertaining to the bank. In your report you need to consider the use of secondary data and information to support your findings. Question $1(20$ Marks$)$ As part of the organisations risk profile, demonstrate the risks that the organisation is exposed to by addressing the following issues. $$ detail on the nature of risk categories and individual risks, in the form of a comprehensive risk assessment register as per the provided template. Risk Category $(5$ marks$)$ Risk description Likelihood $(3$ marks$)$ Consequence $(3$ marks$)$ Rating Response Strategy $(5$ marks$)$ Risk Owner NB: Appropriate legend should be provided.Students should prioritise the following when answering the question, $$ Refer to Ithala Bank and acknowledge the various categories and risks that the organisation is exposed to$.$ Present a comprehensive risk register in which all the basic elements are acknowledged.