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Risk governance framework
- 1. Qn 1: RiskGovernance 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
- #2 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