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>> RISK IDENTIFICATION AND MANAGEMENT

ASG has developed policies and procedures to identify, manage and monitor business risks and has ensured that its management and reporting systems contain risk management controls. These include:

• a formal planning process of preparing and annually reviewing strategic plans for all parts of the group;
• annual budgeting and monthly reporting systems for all businesses, to enable progress to be evaluated against performance targets, and trends to be identified;
• guidelines and limits for capital expenditure and investment approval;
• due diligence procedures for acquisitions and divestments;
• policies and procedures to manage financial risk, including treasury operations such as exposure to movements in interest rates;
• a comprehensive insurance programme including external risk management surveys;
• a regulatory compliance programme supported by approved guidelines and standards covering such key areas as disclosure, legal and insurance;
• directors’ financial due diligence questionnaires;
• risk assessment and management systems for all service delivery activities in the group.

Management is responsible to the Board for ASG’s system of internal control and risk management. The Audit Committee assists the Board in monitoring this role.