Risk Management Policy
The Audit and Risk Committee is responsible for the oversight of the Group’s risk management and control framework. Responsibility for control and risk management is delegated to the appropriate level of management within the Group with the Group Managing Director (or equivalent) having ultimate responsibility to the Board for the risk management and control framework.
The Company's approach to managing risk is set out in the Risk Management Policy. In managing risk, the Company seeks to capitalise on potential opportunities whilst managing possible adverse effects.
The Group Managing Director (or equivalent) is required to report on the management of risk as a standing agenda item at each Board meeting. This involves the tabling of a Risk Register which is actively monitored and updated by management on a day to day basis. The Board also requires management to report to it confirming that those risks are being managed effectively. The Board has received assurance from management that the Company's management of its material business risks are effective at least annually.
At the end of each financial year, the Executive Chairman and the Group Executive Director will provide a declaration in accordance with section 295A of the Corporations Act in writing to the Board that:
- the consolidated financial statements of the Company and its controlled entities for each half and full year present a true and fair view, in all material aspects, of the Company’s financial condition and operational results and are in accordance with accounting standards;
- the above statement is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and
- the Company’s risk management and internal compliance and control framework is operating efficiently and effectively in all material respects.