MAINTAINING AN ETHICAL CULTURE AND MANAGING FRAUD
Governance risk is measured by the quality of assurance reports, and in this area we have shown consistent improvement since 2007. Our ethics risk is measured using the ethical risk assessment tool, an ethical climate survey conducted by KPMG Forensics. We also use an internal survey of ethics-related actions.
The KPMG survey indicated a slight decrease in ethics risks between 2007 and 2009. To measure culture risk, employees are surveyed to assess their level of morale. Santam’s morale score for 2009 identifies us as a ‘top company’. The results from the ‘Deloitte Best Company to Work for’ award in 2009 reinforces this. Also part of the culture risk measurement is the entropy score, which depicts the number of potentially limiting values per category in the current culture chosen by survey participants. This survey, performed in 2008, indicated some challenges that require ongoing monitoring.