Page 37 - Beeks Financial Cloud Group Annual Report 2021

Beeks Financial Cloud Group PLC
Chairman’s Introduction For the year ended 30 June 2021

The Company has low levels of staff Board, including review of strategy More information on The Group’s
attrition and fosters a culture of plans and annual budgets; principal risks and internal control
continuous improvement / Financial results are monitored procedures are set out on pages
and innovation. against budgets, forecasts and 17-23.
other performance indicators with
PRINCIPLE 4: EMBED EFFECTIVE action dictated accordingly at PRINCIPLE 5: MAINTAIN THE
RISK MANAGEMENT, each meeting BOARD AS A WELL-FUNCTIONING,
CONSIDERING BOTH / A structured approval process BALANCED TEAM LED BY
OPPORTUNITIES AND based on assessment of risk and THE CHAIR
THREATS, THROUGHOUT THE value delivered; and Subject to the Articles of GOVERNANCE
ORGANIZATION / Operational updates Association, UK legislation and
The Board is responsible for risk highlighting any risks and/or any directions given by special
management and internal controls, issues are communicated to the resolution, the business of The
supported and informed by the Board at Board Meetings by the Group is managed by the Board.
executive team. The Board defines Chief Executive Officer and the The Code requires The Group to
risk appetite and monitors the COO have an effective Board whose role
management of significant risks / Sufficient resource is focused is to develop strategy and provide
to ensure that the nature and to maintain and develop leadership to The Group as a whole.
extent of significant risks taken by internal control procedures and It sets out a framework of controls
The Group are aligned with overall information systems, especially in that allows the Board to apply these
goals and strategic objectives. financial management. The Board principles for the identification,
considers that there have been no assessment and management
The Board takes responsibility substantial weaknesses in internal of risk. Additionally, it ensures the
for establishing and maintaining financial controls that have Board takes collective responsibility
reliable systems of control in all resulted in any material losses, for the success of The Group.
areas of operation. These systems contingencies or uncertainties
of control, especially of financial that need to be disclosed in the The Board’s main roles are
control, can only provide reasonable accounts to provide leadership to the
but not absolute assurance against / Beeks has implemented an management of The Group,
material misstatement or loss. The operational risk framework to determine The Group’s strategy
key matters relating to the system of evaluate how we operate our and ensure that the agreed
internal control are set out below: business. This enables Beeks strategy is implemented. The Board
/ Beeks has established an to measure outcomes and takes responsibility for approving
operational management understand the input to business potential acquisitions, annual
structure with clearly defined processes and assess risks before budgets, annual reports, interim
responsibilities and regular making any significant decision statements and Group financing
performance reviews based on risk appetite. This will matters. Ultimate responsibility for
/ The Group operates a reduce the likelihood of future the quality of, and approach to,
comprehensive system for potential damages as a result of corporate governance lies with
reporting financial and operational impact the chair of the board.
non-financial information to the
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