Page 36 - Microsoft Word - 00 CIMA F1 Prelims STUDENT 2018.docx
P. 36

Chapter 2





                           Roles and responsibilities






               9.1  Specific responsibilities

                    Board of directors       Ultimate responsibility for risk management

                                              Define risk appetite


                    Audit committee          Responsible for reviewing internal control systems

                                              Working with external/internal auditors

                    Risk committee           Direct responsibility for risk management



                    Risk management          Report to Board via audit/risk committees
                     group
                                              Identify risks

                                              Monitor effectiveness of overall process

                    Internal audit           Review of internal controls

                                              Support management in risk management process


               9.2   General responsibilities

                    All employees            Be aware of risks

                                              Be audible
























               26
   31   32   33   34   35   36   37   38   39   40   41