The Company's risk assessment program is designed to ensure strategic, operational, legal, financial and reputational risks are identified and appropriately managed.
Risk Assessment and Management
The Company has a risk-assessment program that is monitored by the Audit and Risk Committee. The program is designed to ensure strategic, operational, legal, financial and reputational risks are identified, assessed, addressed and monitored to enable the Company to achieve its business objectives.
The Managing Director, Group Manager Finance and Risk, and Company Secretary manage the Company’s risk-management program in conjunction with the Executive Risk Management Committee.
The Board and the Audit and Risk Committee have received and assurance from the Managing Director and Group Manager Finance and Riskthat the declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk management.
The Audit and Risk Committee receives regular reports on progress in addressing the risks. The internal auditors also carry out regular investigations into control mechanisms and report their findings, including recommendations for improvement to controls, processes and procedures, to the Audit and Risk Committee.
APA is required to operate and manage Envestra’s networks in accordance with the Operating and Management Agreements and to legal and prudential standards. Envestra’s management has the responsibility to monitor the risks and compliance issues associated with APA’s performance and to report to the Board on these matters. As part of this process, independent engineering audits are conducted each year.
The Company has a comprehensive insurance program in place which is reviewed annually in conjunction with the Company’s insurance brokers and legal advisors