Page 97 - Gondwana Value Creation Report 2020

HOW WE GOVERN GONDWANA Our top risks Cause Mitigation low medium high Our approach to IT Summarised annual

Risk
We are wary of encumbering
Financial risk
ourselves with policies while we
Insufficient funds to run operations.
Cash flow planning and budget control.
Cash flow and financial
navigate the standard dynamics of
shortages
FINANCIAL STATEMENTS
a growing organisation. Each policy
Seasonal revenue generation concentrated
○ Through sales and marketing, Gondwana should diversify into different
Seasonal risk
needs to be mindfully created to be
markets with different travelling seasons throughout the year
between July to November.
○ Proper budgeting and cash flow management for low season
relevant and enforceable.
Market and
occupancy risk
We are developing policies to establish minimum
Airlines ○ High dependence on the dependability and ○ Market diversification and new markets will lead to more airport structures to satisfy the Board and auditors.
frequency of direct flights arrivals
○ Capacity constraints ○ Ongoing monitoring Our IT risks have been properly profiled and
○ Limited access for growth in tourism ○ Training and awareness for officials and point of entry at airports mitigated. We have well-fleshed-out definitions
○ Investigate other options/airlines of data protection, security and redundancy. Our
committee includes compliance officers, some
Recessions ○ Covid-19’s impact on economies Internal cost management and saving measures have been of whom are senior IT Team members, and we
○ International travellers’ spending impacted implemented. are developing all the necessary structures to be
○ Uncertainty over cost of post lockdown prepared for a possible listing.
travelling for international travellers
We assess our IT management’s effectiveness by
Visa and other entry ○ The Namibian visa application process is ○ Raise awareness with policy makers and relevant ministries monitoring server downtime, website availability,
requirements too cumbersome for some international ○ Training and awareness for officials and point of entry at airports
markets access points and infrastructure. In 2018 we obtained
○ Few countries have visa-free access to an audit report from BDO to begin confirming the
Namibia efficacy and secureness of our risk profiling. In the
○ Uncertainty of post-Covid-19 border entry year, EY performed a systems-driven integrated audit
protocols of the INNkeeper system in all departments, as per
IFRS and other standard audit requirements.
Compliance and
legislative risk The Board is kept informed of any disruptions or
Conservancy Multiple differing legislative requirements ○ Gondwana controls the leasehold properties challenges in IT, and is satisfied that we take the
agreements regulating operations in a single conservancy ○ Gondwana will continue to generate future income on these necessary precautions in securing our data and

area. properties maintaining systems or restoring them should they
○ The value of the properties is not declining since Gondwana go down. We maintain a working document to
maintains the buildings regularly to keep up with industry ensure we look at all aspects of every department at
standards risk in terms of IT.
○ The conservancies will continue reaping benefits from these IT risks are mitigated by limiting access to our
operations
○ The leasehold agreements also state that Gondwana will occupy on systems in a controlled manner. We are putting
a renewable basis infrastructure in place to better manage our data.
○ After IFRS 16 changes, we will obtain a new audit opinion to determine Our IT governance drive in 2021 will include more
the effect on the balance sheet effort into IT risk profiling and measures to restore
○ Legal agreements IT systems.
Regulatory risk – Covid-19 caused travel restrictions and ○ Transparent information on Covid-19 cases in Namibia (the risk in
outbreak of disease border closures which prevent our largest travelling the country) circulated to all booking agencies and direct
globally or locally market base from accessing our products. bookings
resulting in regulatory Tourists are hesitant to make bookings ○ Losses due to Covid-19 were covered by our business interruption
over fears of being quarantined in a foreign insurance
country if they contract the virus. ○ Detailed records of cancellations and proof of prepayments
Environmental risk
Drought Drought or fires on our properties could ○ Park management plan
create a lack of grazing land and increase ○ Hunting licences to control wildlife numbers
mortality in wildlife or livestock. ○ Securing livestock and wildlife for own butchery use

94 VALUE CREATION REPORT 2020 GONDWANA COLLECTION NAMIBIA 95