Internal control
The Directors have overall responsibility for the Group’s system of risk management and internal control and for reviewing its effectiveness. The system of internal control is designed to manage rather than eliminate the risk of failing to achieve business objectives and can provide only reasonable and not absolute assurance against material misstatement or loss.
The Board considers an efficient risk management and control framework with an actively managed balance of risk and reward to be fundamental to the Company achieving its corporate objectives. The effectiveness of the ongoing process to identify, evaluate and manage significant risks is reviewed annually by the audit and risk committee on behalf of the Board. The committee also has responsibility for overseeing management action needed to remedy any shortcomings or weaknesses identified.
Members of the Board have responsibility for monitoring the conduct and operations of the Divisions and individual businesses within the Group. This includes the review and approval of Division and individual business strategies and plans and setting key performance targets. The executive management responsible for each Division and business are accountable for the conduct and performance of their Division and business within the agreed strategies.
Details of the key elements of the Group’s system of internal control -(20 KB) 