Page 16 - Annual Report 2019

13 ANNUAL REPORT 2019 GOVERNANCE FRAMEWORK

Audit and Risk Committee
Dr Jeffrey Carmichael serves as Chairman of the Audit The ARC approved the yearly internal audit programme and
and Risk Committee (ARC) and Daniel Glaser as a member followed its implementation through regular communication
of the ARC. with the Head of Internal Audit. In 2019, the ARC met with
the external auditors of the Regulatory Authority on two
The principal focus of the ARC is to monitor and oversee: occasions and oversaw the completion of the external audit
concerning the Regulatory Authority’s financial statements.
• the effectiveness of the Regulatory Authority’s
policies, procedures and internal controls All matters of significant discussion were reported to the
including those for financial reporting; Board, which also received the minutes of all ARC meetings.
• compliance with legal and other requirements;
• the performance of the internal audit function and the It is the ARC’s view that the Regulatory Authority continues
external audit firm appointed by the Regulatory Authority; to apply appropriate policies and controls to its various
• the effectiveness of the internal controls framework; and business areas and operations. The internal audit function
• business continuity and disaster recovery plans. and internal controls framework are working as intended
and provide assurance that improvement opportunities are
The ARC met four times in 2019, supplemented by identified and addressed.
exchanges of information between meetings. The Head of
Internal Audit, the Managing Director, Corporate Services,
the Head and Deputy Head of Information Technology,
and other executives attended ARC meetings by invitation.
The ARC reviewed quarterly updates on the status of the
Regulatory Authority’s risk register that forms part of the
Enterprise Risk Management framework. The ARC was also
kept informed of developments in relation to the Regulatory
Authority’s business continuity and disaster recovery plans.