corporate governance - risk management
The Board acknowledges that it is responsible for the overall internal control framework but recognises that no cost effective internal control system will preclude all errors and irregularities.
The Board periodically undertakes a review of business risks using the assistance of outside specialists and internal management to identify the source of the risk and loss, quantify the impact of these sources and control and reduce the risks through practical and effective control mechanisms. In addition it is represented by the Audit and Risk Committee who will:
- Review and monitor the effectiveness, comprehensiveness, integrity and quality of the risk identification, assessment and management process, and the risk management strategies.
- Ensure risk management integration into the major business processes.
- Ensure proper risk management accountability, governance structure, reporting system and compliance with risk management policies.
- Ensure all strategic and major operational risks are brought in a timely manner to the attention of the Board and are adequately managed.
The Board assigns the responsibilities for the operation and conduct of the business to the Managing Director who is directly accountable to the Board through established policies and authority levels.
