MISA’s Audit and Risk Committee protects our members

31 January 2023

MISA established an Audit and Risk Committee more than a decade ago to manage and eliminate any risk to the Union.

Koos Olivier, Chairperson of MISA’s Audit and Risk Committee, says the Committee is authorized to have full, free and unrestricted access to all the relevant MISA activities, records, property and staff.

It is authorized to seek any information and investigate matters within its powers; have full access to information required to execute its mandate, and to obtain outside independent professional advice and to secure the attendance of outsiders if needed.

“There is a very big responsibility on this committee to act independent as advisors to assist the various structures of the Union to ensure that there is transparency, accountability, and sound management of revenue, expenditure, assets and liabilities of MISA.

“The Committee controls and directs the internal audit function of the Union, considers the risk management policy as well as plan and monitors the risk management process.

“We are an independent Committee playing an oversight role to ensure that the best interests of MISA members comes first in any decision made by the leadership structures of MISA,” says Olivier.

The Committee also oversees the Union’s internal financial measures to prevent that MISA falls prey to fraud and cybercrime.

According to the South African Banking Risk Information Centre (SABRIC) there has been a concerning increase in cybercrime. South African businesses experience annual losses of around R250 million due to phishing attacks and internet fraud. The South African Reserve Bank (SARB) has identified cybercrime, and the increasing use of new technologies, as growing threats to the country.

Olivier says MISA takes pride in its excellent financial status and zero tolerance on wasteful expenditure or irregularities. MISA receives unqualified audit records and are transparent about the Union’s finances.

“MISA has nothing to hide and we want members to understand that the profits of the Union allows it to increase sustainable benefits for them to enjoy.”

“MISA’s benefits is the best value for money in the market. MISA does research to ensure that we offer our members only the best. This is one of the aspects that distinguishes MISA from any other trade union.”

Olivier says succession planning is one of the risks identified by the Committee because they are concerned who will take over the reigns from MISA’s Chief Executive Officers, Martlé Keyter for Operations, and Hermann Köstens for Strategy and Development.

“MISA’s decision to go with dual CEO’s in 2013 worked brilliantly. The two CEO’s complement each other in strengths and that gives the Union an advantage. At the same time, the Committee identified it as a risk. Where will we get two individuals that can work so perfectly together in unison focussing on different areas.”

According to Olivier MISA’s Recruitment and Liaison Officers were the game changer in the growth of the Union. They are dedicated to serving our members.

“MISA is also exceptionally proud of our Legal Team. There is no better Legal Team than MISA’s Legal Team with Tiekie Mocke in charge as the Manager of the Department.”

Olivier says overall MISA’s strength is in its employees who play a vital role by always walking the extra mile for our members.

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