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INTERNAL CONTROL AND RISK MANAGEMENT |
The Board has overall responsibility for establishing and maintaining the Company’s internal control systems as well as the assessment and management of areas of risk.
In meeting its responsibilities, the Board seeks to increase risk awareness across the Company’s business operations and has put in place policies and procedures, including parameters of delegated authority, which provide a framework for the identification and management of risks. The Board has ensured that the Company has in place appropriate internal control and approval procedures.
Together with the internal audit team, the Auditor and the Company’s senior management, the Audit Committee reviews and monitors such internal control and approval procedures with a view to ensuring their effectiveness.
The Company also maintains a system of disclosure controls and procedures to ensure that information required to be disclosed by the Company is recorded, processed, summarised and reported within the required time periods and accumulated and communicated to the Company’s management to allow timely decisions regarding disclosure.
Whilst these procedures are designed to identify and manage risks that could adversely impact the achievement of the Company’s business objectives, they do not provide absolute assurance against material misstatement, errors, losses or fraud. |
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