Corporate Social Responsibility
Risk management and internal controls
The Board has ensured there has been an ongoing process for identifying, evaluating and managing the significant risks faced by the Group. The Board considers the principal risk factors likely to impact the financial position and prospects of the Group, including any changes thereto. The identified risks are monitored through the day to day operations with the involvement of the relevant parties. This monitoring process is guided by a risk template set out in the Group’s separate Overview of Strategic Risk Management.
The Group’s internal control procedures continue to be reviewed, progressively developed and formalised to ensure that the sufficiently meet the requirements of the Group. Executive members of the Board are involved daily in all aspects of the business and attend regular management meetings at which performance against plan and business prospects are reviewed.
The Bribery Act 2010 (Bribery Act) which came into force in the UK on 1 July 2011 prescribes criminal offences for individuals and businesses relating to the payment of bribes and, in certain cases, a failure to prevent the payment of bribes. The Group therefore has established procedures designed to ensure that no member of the Group engages in conduct for which a prosecution under the Bribery Act may result.
The Audit committee meets periodically to review the adequacy of the Group’s internal control systems, accounting policies and compliance with applicable accounting standards and to consider the appointment of external auditors and audit fees.
As a matter of best practice and in accordance with International Standard on Auditing 260, the auditors have held discussions with the Audit committee on the subject of auditor independence and have confirmed their independence.