Senwes Scenario December 2017 - March 2018 | Page 22

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NUUS
Senwes stands tall after
receiving IRMSA award
O
n Friday, 3 November
2017, Senwes received a
prestigious award at the IRMSA
(Institute of Risk Management
South Africa) Gala Dinner
Awards function, which was held
at the Gallagher Convention
Centre in Midrand.
IRMSA awarded Senwes
as the winner in the category
of Agriculture, Forestry and
Fisheries after the nomination
from IsoMetrix for an outstanding
risk management initiative with
another agri-company, VKB, fin-
ishing as runner-up.
Group Risk Manager at
Senwes, Chris Koch, accepted
the award from the president of
IRMSA, Berenice Francis. Upon
receiving the award Koch said it is
firstly great to receive a nomina-
tion and to be announced as the
winner was an even greater hon-
our. He said that Isometrix were
very involved with Senwes’ Risk
Model and what gave Senwes the
edge was that very few companies
incorporate or use the residual risk
based model to the extent that we
utilise it.
Koch reiterated that the award
was specifically for the residual
risk based model and the manner
in which they quantify risk and
monitor this on their system. The
initiative firstly had to display best
practice and secondly had to have
a significant impact on the com-
pany or risk management indus-
try. Furthermore the compliance
and audit departments are also
currently using Isometrix as their
solutions partner. Different teams
contributed to the overall success-
ful implementation of the various
IsoMetrix modules which includ-
ed, amongst others David Theron
(Compliance Officer) and Dirk
Opperman (Group Executive -
Internal Audit and Assurance).
WHAT DOES THE AWARD MEAN?
It is a testimony to the strides
that we as a company have made
and the opportunities that could
still be used going forward. It
shows the adherence and drive
towards best practice principles
and highlights the risk-averse cul-
ture of Senwes. The award further
indicates an improvement in the
Group Risk Manager at
Senwes, Chris Koch with
the IRMSA award.
overall risk management maturity
of the group.
However, the responsibility
and accountability for risk man-
agement reside at all levels of the
organisation, from its board down
to each business manager and
employee. This recognition shows
the diligence and meticulousness
of how Senwes does risk manage-
ment, which is industry leading
given the award.
Draft Taxation Laws Amendment Bill 2017
National Treasury makes amend-
ments to our tax legislation each
and every year, and in this arti-
cle we examine the 2017 Draft
Taxation Laws Amendment Bill,
as supplemented by National
Treasury. Please note that as this
is only draft legislation and may
change.
The repeal of foreign employ-
20
ment income exemption is also
part of the article.
The remuneration South
African residents earn outside
South Africa is fully income tax
exempt, provided they are outside
DEC 2017-MAR 2018 • SENWES Scenario
the country for a specific period
of time, according to the current
income tax act.
There is also a discussion of
the refinement of measures to
prevent tax avoidance through the
use of trusts.
The complete article is
available at:
http://senwes.co/liberty