Page 18 - Annual Report 2020
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Audit and Risk Committee
Dr Jeffrey Carmichael serves as Chairman of the Audit The ARC approved the yearly internal audit programme
and Risk Committee (ARC) and Daniel Glaser as a and followed its implementation through regular
member of the ARC. communication with the Head of Internal Audit. In
2020, the ARC met with the external auditors of the
The principal focus of the ARC is to monitor and oversee: Regulatory Authority on two occasions and oversaw
the completion of the external audit concerning
• the effectiveness of the Regulatory Authority’s policies,
the Regulatory Authority’s financial statements.
procedures and internal controls including those for
financial reporting;
All matters of significant discussion were reported
• compliance with legal and other requirements;
to the Board, which also received the minutes of all
• the performance of the internal audit function and
ARC meetings.
the external audit firm appointed by the Regulatory
Authority;
It is the ARC’s view that the Regulatory Authority
• the effectiveness of the internal controls framework; and
continues to apply appropriate policies and controls
• business continuity and disaster recovery plans.
to its various business areas and operations. The
The ARC met three times in 2020, supplemented by internal audit function and internal controls framework
exchanges of information between meetings. The Head are working as intended and provide assurance that
of Internal Audit, the Managing Director, Corporate improvement opportunities are identified and addressed.
Services, the Head and Deputy Head of Information
Technology, and other executives attended ARC
meetings by invitation. The ARC reviewed 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.
T ABLE OF C ONTENT S
