Audit & Risk Assurance Committee

The Audit & Risk Assurance Committee (ARAC) provides an objective and independent review of the design and operation of audits, risk management, control and governance processes operated across the Institution.

Key objectives and vision

The ARAC's objectives are to review controls covering:

• Appropriateness and effectiveness of audits and risk management processes.
• Appropriateness and effectiveness of management processes.
• Consistency of operations and programmes with established objectives and goals.
• Effectiveness of governance processes and institutional structures.
• Reliability and integrity of financial and operating information.
• Efficiency and effectiveness of operations.
• Safeguarding of assets (including investments).
• Compliance with legislation, regulations and contracts.
• Delivery of major programmes and initiatives.
• Quality and continuous improvement.

Our TOR that can be accessed via the link below translates these objectives into a list of 14 Duties.

Composition

Members of staff who are normally invited to, and attend, ARAC Meetings

Key committee documents