Page 58 - CON Boardpack FEBRUARY 2020 FINAL (v5) P1 - 75_Neat

9. RISK MANAGEMENT

Oversee the development, implementation and annual review of a risk

management plan.

Make recommendations to the Board concerning the levels of risk tolerance,

appetite and monitoring to ensure that risks are managed within the levels of risk

tolerance and appetite as approved by the Board.

Ensure that compliance forms an integral part of the Organisation’s risk

management process.

Ensure that risk management assessments are performed on a regular basis.

Ensure that frameworks and methodologies are implemented to increase the

possibility of anticipating unpredictable risks.

Ensure that Management considers and implements appropriate risk responses.

Express the Committee’s formal opinion to the Board regarding the effectiveness of

the system and process of risk management, including the monitoring of risk.

10. REPORTING RESPONSIBILITIES

Regularly report to the Board on its statutory duties and the duties assigned to it by
the board and make appropriate recommendations.

Ensure that the Board is aware of matters which may significantly impact the
financial situation or affairs of the business.

Report to the Board any weaknesses in internal financial controls which are
considered to be material (individually or in combination with other weaknesses)

and which may result in actual material financial loss, fraud or material errors.

Recommend the integrated report for approval by the Board. As a minimum, the

Committee should provide the following information in the integrated report:

 A summary of its role;

 A statement on whether or not the Audit Committee had adopted formal terms
of reference that had been approved by the Board and, if so, whether the
Committee had fulfilled its responsibilities for the year in compliance with its terms
of reference;
 The names and qualifications of all members of the Audit Committee during the
period under review, and the period for which they served on the Committee;

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