The Board is responsible for the overall management of risk and opportunity. It sets the risk appetite of the College and ensures there is an appropriate balance between risk and opportunity and that this is communicated via the principal to the Senior Management Team (SMT). The Board must ensure that sound risk management and internal control systems are in place and maintained. It must ensure there is a formal on-going process for identifying, reporting, evaluating and managing the college’s significant risks and review the effectiveness of risk management, business continuity planning and internal control systems.
The Board has delegated responsibility for the on-going review of the effectiveness of risk management arrangements to its Audit Committee.