Governance and Terms of Reference
The objective of the Risk and Assurance Committee is to provide governance and oversight of the effectiveness of enterprise risk
management, the control and compliance framework and internal and external
audit and assurance practices.
Scope of activity
- Review and monitor the effectiveness of Council’s risk management framework and internal control
systems, including:
- (a) the advancement of any projects or programmes of work focusing on the management of risk;
- (b) the review of risk management reporting on a quarterly basis;
- (c) the review and approval of the Council's Risk Management Charter (which includes determining the
Council’s risk appetite);
- (d) monitoring the Strategic Risk Register, including any controls and action plans arising;
- (e) the review and approval of Council's Fraud, Protected Disclosures, Procurement, Conflicts of Interest
and Sensitive Expenditure Policies;
- (f) review the appropriateness of the Council’s insurance programme;
- (g) reviewing the effectiveness of any programme or system for monitoring Council’s legislative
compliance.
- Monitor the Council’s external and internal audit processes, including:
- (a) approving the arrangements for external audits for Annual Report, Debenture Trust Deed & Long-term Plan, including approval of the audit engagement letter;
- (b) discussing with the external auditor matters affecting the audited financial and non-financial
statements, and the respective audit
- (c) ensuring the independence and effectiveness of Council’s internal audit processes and monitoring the
resolution of any issues raised;
- (d) agreeing the scope and monitoring the delivery of any internal audit work programme, including:
- (i) approving arrangements for any internal audits
- (ii) reviewing any internal audit reports;
- (e) assessing whether significant recommendations from any external audit and/or internal audit work
programme have been properly implemented by management, including discussing any reservations
an external or internal auditor may have about the control of risk, accounting and/or disclosure
practices.
- Oversee the preparation of key formal external accountability documents such as the Long-term Plan,
Annual Plan and the Annual Report to ensure the integrity of the documents and disclosures made.
- Review the development of the financial strategy and infrastructure strategy as required by the Long-term
Plan.
- Review the Quarterly financial report provided by management to understand the key drivers and risk
areas with regard to Council’s operational, capital investment and borrowing performance.
- Review the systems and processes that Council has in place to prevent fraud, bribery and corruption,
including monitoring any investigations into allegations of fraudulent activity, bribery or corruption.
- Review the Council’s approach to business resilience with reference to risk management and business
continuity planning.
- Oversee management of the more significant litigation matters affecting the Council.
- Provide a forum for communication between management, internal and external auditors and governance
Power to act
The Committee has the power to:
- Resolve only on matters relating to audit, risk management and internal control practices.
- Co-opt suitably qualified people to the Committee to assist the Committee in meeting its responsibilities. With
the exception of the Chairperson and second independent appointed member, co-opted members do not have
voting rights.
- If any matter is of such strategic or policy importance or urgency, then, with the endorsement of the appropriate
Chairperson or His Worship the Mayor, the matter shall be referred direct to Council.
Terms of Reference
To see the full Terms of Reference for the Risk and Assurance Committee and all other council committees, refer to the Terms of Reference and Delegations for Council Committees adopted on 15 November 2022.
