driving performance
realising value
Internal Control and Risk Management
The objective of the Directors and senior management is to safeguard and increase the value of the businesses and assets of the Group. Achievement of this objective requires the development of policies and appropriate internal controls to ensure the Group’s resources are managed properly and any key risks are identified.
The Board is ultimately responsible for the system of internal control and for reviewing its effectiveness. The systems and processes established by the Board are designed to manage, rather than eliminate the risk of failure to achieve business objectives and cannot provide absolute assurance against material misstatement or loss.
The Group operates on a decentralised basis and divisional executives, plant managers and financial controllers are responsible for managing the operating risks within their business. Lines of responsibility are clearly defined and local operating businesses have autonomy within a framework of central management.
There is an ongoing process to identify and evaluate risks faced by the Group, through the conduct of regular meetings and business reviews with the Group’s senior management. The operating performance of each business is regularly reviewed by the executive Directors and progress is monitored against business plans.
The Group has a comprehensive system for regular monitoring and reporting of financial performance and assessing the efficiency of the Group’s systems of internal controls.
Whistleblowing policy
The Group has a whistleblowing policy in place which enables individuals to make protected disclosures to their divisional human resources manager, Group Company Secretary or senior independent non-executive Director if they have concerns about possible improprieties in financial reporting or other malpractices within their business.