1. Qn 1: Risk Governance Framework
Ensures that there is a system of control in place for
CEO
identifying and managing risk
Reviews the systems that have been established and regularly
Board
reviews their effectiveness
Risk & Audit Responsible for the oversight of risk management and reviews
Committee the internal controls and risk management systems
Business Group Risk & Assist management in providing necessary information.
Audit Committee Incorporates each CSG and functional areas
Editor's Notes
RAC procedures for identifying business and operational risks and controlling their financial impact on the Group and the operational effectiveness of the policies and proceduresrelated to risk and control;• budgeting and forecasting systems, financial reporting systems and controls;• policies and practices put in place by the CEO for detecting, reporting and preventing fraud and serious breaches of business conduct and whistle-blowing procedures;• procedures for ensuring compliance with relevant regulatory and legal requirements;• arrangements for protecting intellectual property and other non-physical assets;• operational effectiveness of the Business Group RAC structures;• overseeing the adequacy of the internal controls and allocation of responsibilities for monitoring internal financial controls
