Risk management remains integral in the day-to-day operation of our business. In the ordinary course of business the group is exposed to a wide range of risks that may have serious consequences for our operations and performance, and therefore our sustainability. Effective management of this supports the delivery of our objectives and achievement of sustainable growth. At board level the audit and risk committee is responsible for monitoring risk management, including identifying areas of risk which may impact the group and suggesting appropriate controls for mitigation.
During the year an internal audit department was introduced. In the year ahead this will be further equipped to function as a fully fledged internal audit department capable of covering most operational and financial risks to which the business is exposed. In addition, in the year under review, the senior management team attended a risk workshop. Risks are identified and recorded in a risk register and designated “avoidable” or “manageable”. Risks are generally categorised into strategic and operational risks. The risk register is a working document which is updated and amended on a regular basis.