Corporate Governance Risk Management
PRINCIPLE 7: Recognise and manage risk
Audit & Risk Committee
Risk Management Framework
The Board, through the Audit & Risk Committee, is responsible for reviewing the Company's Risk Management Framework and satisfying itself that the Risk Management Framework continues to be sound and that management has in place appropriate systems for managing risk and maintaining internal controls. The Audit & Risk Committee considered the Risk Management Framework during the financial year ended 30 June 2017 and intends to undertake such a review at least annually. The Audit & Risk Committee also supported management's recommendation to engage external consultants to undertake a detailed risk review with a focus on risk controls, project risk and cyber risk. That risk review is ongoing and will be completed during 2017-18.
More broadly, the CEO and executive leadership team are responsible for identifying, evaluating and monitoring risk. The executive leadership team is responsible for the accuracy and validity of risk information reported to the Board and also for ensuring clear communication of the Board and executive leadership's position on risk throughout the Company. In particular, at the Board and executive leadership strategy planning sessions held throughout the year, the CEO and executive leadership team review and identify key business and financial risks that could prevent the Company from achieving its objectives.
A copy of the Risk Management Policy is available on the Company's corporate website.
Material Risk Exposures