Governance & Control
PAAu governance structure, combined with documented processes and consistent approach to risk management, enables the executive and senior management to conduct the affairs of PAAu in line with Board expectations.
This ensures that the senior management adhere to approved strategies and regulatory requirements, continually monitor outcomes, and proactively identify risk and opportunities as well as initiating treatment as required. Comprehensive and timely reporting to the Board and its Committees is undertaken on a regular basis.
Risk Management Approach
The Board has established a culture of effective risk management through the identification, assessment, evaluation, treatment, monitoring and reporting of risks throughout PAAu. The Board also reviews risks, both existing and emerging, and considers risk when reviewing the PAAu strategy and in meeting its objectives.
The Board has ultimate responsibility for PAAu’s risk management framework and delegates the oversight of this to the Risk Committee.
This Committee is a formal sub-Committee of the Board. The principal purpose of the Risk Committee is to advise the Board on risk management matters, recommend risk limits and appetite to the Board for approval and oversee the risk management arrangements. The Committee ensures that the risks facing the PAAu have been identified and that appropriate arrangements are in place to control, treat, monitor and report those risks effectively. Senior Managers within business operational areas maintain risk registers, and report risk details and treatment measures together with other relevant management information for the committee and ultimately Board consideration.