Mr. Sakhile Masuku is a qualified Chartered Accountant with 27 years of experience in the field, a decade of which he spent as a Partner at PricewaterhouseCoopers Inc. He has extensive knowledge and experience of the audit and asset management environments, having also previously managed the medium-sized audit practice MSGM Masuku Jeena Inc. as CEO. Mr Masuku’s extensive exposure to the financial services sector as well as his experience as an audit committee member across his career will no doubt be of significant value to LBIC.
Mr Masuku has over 20 years in Audit, and Risk Management through his membership of the various audit and risk committees. He ensure that always the entities he is involved with understand the importance of the role of Audit and Risk Committees (“ARC”). In the public sector, the PFMA supported by the Treasury Regulations and various other prescripts, set out the role and functions of Audit and Risk Committees. He is familiar with these requirements, as evidenced by my long experience serving in those committees.
He also understands the key roles played by Risk Management as a key determinant to the success of an entity. He knows the Public Sector Risk Management Framework that was issued by the Accountant General around 2009 – which in essence provides guidance on what a good risk management function should encompass. He engages with Risk Managers periodically to understand their own periodic assessment of all risks (key, operational, and strategic) and how such change either up or down is impacting on the entity in achieving its objectives.
He is also familiar with the risk management policies (suite) that an entity should have as part of having an effective Risk Management function. He participated and deliberated in strategy sessions, out of which entities set out their objectives, and have also detailed exposure to IT governance, which is normally a task delegated to Audit and Risk Committees. IT forms a key segment of most entities, and he is thus familiar with understanding key IT attributes and functions that are crucial in having an effective IT function, that complies with acceptable IT internal control principles.