The company’s approach to both Compliance and Risk Management is consistent with all regulatory standards. A particular emphasis of the Compliance and Risk management framework is to identify and maximise opportunity for the company.
The company undertakes comprehensive identification and management of current and potential compliance and business risk within approved parameters so that the company’s value is both protected and, where possible, enhanced.. Generic areas of risk are classified as
- Business Operational Risk
- Compliance Risk
- People and Community Risk (including Occupational Health and Safety and reputation risk)
The company will comply with all of its regulatory, contractual and legal obligations. It will also develop and adhere to internal policy consistent with the company’s values. In meeting its obligations the company will give due consideration to identified issues and risks.
Key enablers for the appropriate and effective management of both non-compliance and risk exposures are:
- The establishment of an effective senior management organisation structure which fully endorses and supports compliance and risk management culture within the company. In practice this means:
- Creation of a Compliance and Risk Management Committee
- Clear accountability for and ownership of the compliance and risk management processes throughout the company
- Clear accountability for and ownership of the compliance and risk issues throughout the company
- An appropriate Compliance and Risk management system for the identification, assessment, management, reporting and review of all compliance and risk obligations that is incorporated in all of the company’s decision-making processes
- Providing necessary communication, instruction, training and resources to enable the company’s employees to understand their accountability in respect of both compliance and risk management and to be able to effectively carry out their responsibilities.
– Manager
Risk and Compliance