Risk Management Policy and Internal Compliance and Control System - Summary

The Board ultimately has responsibility for internal compliance and control.  The Board has established the Audit and Risk Management Committee as responsible for oversight and ensuring that internal control systems are in place to monitor and manage risk.
Reference should be made to the Audit and Risk Management Committee charter.

The Company has implemented an internal risk management system.

Management is required to maintain procedures to minimise risk in the Company’s activities.
Each half-year management is required to prepare a report of the current and future risks facing the consolidated entity, and the strategies or controls in place to mitigate those risks.  A review is made of the performance of those controls over the half-year, and an assessment made of their effectiveness. Where required, improvements in controls are recommended. This report is reviewed by the Audit and Risk Management Committee and then presented to the full Board. Recommendations are implemented upon approval.

In addition the Board requires that each major proposal submitted to the Board for a decision be accompanied by a comprehensive risk assessment and, where required, management’s proposed mitigation strategies.

Each year the Managing Director / Chief Executive Officer and the Chief Financial Officer provide a written statement to the Board that the company’s financial reports present a true and fair view, in all material respects, of the Company’s financial condition and operating results are in accordance with relevant accounting standards. They also confirm that the statement is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board and that the company’s risk management and internal compliance control system is operating efficiently and effectively in all material respects.