Page 9 - Pillar 3 Disclosure
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Committee
Composition
Main Functions
Frequency of 

meetings

Audit & A minimum of 3 The primary responsibility of the Committee is to assist the Board in fulfilling its The committee 

Compliance
non-executive oversight responsibilities. Principally, the Committee will provide independent review, meets at least 


directors
monitoring and assessment of the:
four times a year

Type of 

Committee: Board
Committee will provide independent review, monitoring and assessment of the:




 Effectiveness of the Internal Audit function and processes;

 Arrangements for, independence and effectiveness of external auditors and

related processes;


 Integrity of the financial statements and formal financial performance

announcements, reviewing accounting policies and significant financial

reporting judgements;

 Effectiveness of risk assessment and management processes, and of

management's systems of internal control;


 Effectiveness of the Compliance function in ensuring the Society meets the

requirements and standards of the regulatory system and other voluntary

codes of practice;

Society's ethical and business standards.
 



Board Risk
All Board  Review and agree the Society’s risk appetite statement, tolerance and future The committee 

members are risk strategy;
meets at least 

Type of members of the four times a year
 Review the Society’s risk profile against its risk tolerance and strategy;

Committee: Board
Board Risk  Consider emerging and potential risks and agree and approve management’s

Committee. actions;

Executive  Track development of all identified risks over time;

Managers attend.
 Review and approve the methodology and assumptions used in the Society’s


risk models;

 Review the design, completeness and effectiveness of the risk management










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