Audit and Risk Committee
The Board as a whole is responsible for risk management and governance. The Audit and Risk committee plays a crucial role in supporting the Board to meet these obligations
The Purpose of the Audit & Risk Committee
The Audit and Risk Committee provides formal and transparent arrangements for considering how to apply the financial reporting and internal control principles set out in the UK Corporate Governance Code (the “Code”). In doing so, it reviews and maintains the Group’s financial reporting and internal control and risk management systems, advises the Board on the Group’s risk strategy, policies and potential exposures, and maintains an appropriate relationship with the Company’s auditors.
Audit Committee Responsibilities
- Monitoring the integrity of the financial statements of the company and any formal announcements relating to financial performance
- Reviewing the adequacy and effectiveness of the Company’s internal financial reporting and internal control policies and systems
- Overseeing the Company’s arrangements for its People to raise concerns, in confidence, about possible wrongdoing in financial reporting or other matters
- Reviewing the Company’s procedures for detecting fraud, and preventing bribery and money-laundering
- Overseeing the effectiveness and performance of the external Auditor and making recommendations to the Board regarding their appointment or removal
- Advising the Board on the Group's overall risk appetite, tolerance and strategy, and principal and emerging risks
- Monitoring and reviewing the effectiveness of the Group's risk management framework
Audit and Risk Committee Membership
The following Directors are appointed to the Committee:
| Name | Appointed | Resigned | Skill area |
|---|---|---|---|
| David Stead (Chair) | 29 October 2021 | Financial | |
| Meg Lustman | 25 June 2024 | Operational | |