The efficiency of the control environment at Strate is fundamental to the successful operating of the CSD on a day-to-day basis and is built on the effective integration of a number of interrelated components. This starts essentially with the governance structure within which Strate operates, where the “tone at the top” is set by the Board of Directors, a number of purpose-driven internal and external committees, a dedicated senior management team and the regulatory oversight of the Financial Services Board (FSB).
The internal control framework forms part of the overarching enterprise-wide risk management framework which has, as one of its core imperatives, the identification, evaluation and treatment of risks (both internal and external) that may prevent the depository from achieving its corporate objectives.
A comprehensive structure of control activities permeates all levels of the organisation, directed and supported by clearly defined policies and procedures which are designed to guide staff in the execution of their duties. Continuous monitoring of these control activities helps ensure that weaknesses and/or deficiencies are identified timeously and that these are escalated appropriately and that corrective action is taken without delay.
Supporting this structure is a communication strategy which is designed to provide decision-makers with the right information, at the right time to make the right decisions.