Capitec Bank is a retail bank headquartered in South Africa. It is one of the largest banks in the country and has gained significant popularity for its innovative approach to banking and its focus on simplicity, transparency, and affordability. Capitec Bank was founded in 2001 and has quickly grown to become a major player in the South African banking industry. It primarily serves individuals and offers a wide range of banking products and services, including savings accounts, transactional accounts, personal loans, credit cards, and insurance. Additionally, Capitec Bank has gained recognition for its customer-centric approach, offering competitive interest rates, low fees, and easy-to-understand products. It has also been praised for its responsible lending practices and efforts to promote financial literacy among its customers. The CEO Gerrie Fourie, has made it evident that the primary objective of the organisation is to manage risk exposures across its entire portfolio so that, at any given time, it incurs just enough of the right kinds of risk -no more, no lessto effectively pursue and achieve their strategic goals. He believes that risk assessment is important and presents the way in which the organisation can get a handle on how significant each risk is to the achievement of their overall goals. Source: Capitec Bank, (2023)

Develop a risk assessment criterion that will be utilised for the risks identified in (1.2) above. This should present a form of measurement that will be used when comparing and aggregating risks across the organisation. Your response should define scales for rating the risks and these should comprise rating levels and definitions that foster consistent and application by different stakeholders. Scales should allow meaningful and differentiation for ranking and prioritisation purposes.