- Introduction
- The Board
- Committees
- Relations with shareholders
- Internal control and risk management
- Statement of directors' responsibilities
Internal control and risk management
The Board has responsibility for ensuring that there is an ongoing process to ensure that business risks are formally considered, assessed and monitored. To this end, the Board has established internal control, systems and procedures which are designed to ensure effective and efficient operations, including financial reporting and compliance with laws and regulations, the effectiveness of which is monitored by the Board. In establishing and reviewing the internal controls, the directors take account of the materiality of the relevant risks, the likelihood of a loss being incurred and the costs of control. The Board acknowledges that systems of internal control can only ever manage, rather than eliminate, the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement.
The Group currently does not possess an internal audit function. The Board has considered the absence of such a function and, given the current size and structure of the Group, does not believe that the creation of an internal audit function would benefit the Group.