Risk Management
The board is responsible for City Pacific's system of internal controls and assessing, monitoring and managing operational, financial reporting, and compliance risks for the company. The board constantly monitors the operational and financial aspects of City Pacific's activities and, through the audit committee, the board considers the recommendations and advice of the auditors and other external advisers on the operational and financial risks that face City Pacific.
The board ensures that recommendations made by the auditors and other external advisers are investigated and, where considered necessary, appropriate action is taken to ensure that City Pacific has an appropriate internal control environment in place to manage the key risks identified.
In addition, the board investigates ways of enhancing existing risk management strategies, including appropriate segregation of duties and the employment and training of suitably qualified and experienced personnel.
The Chief Executive Officer and the Chief Financial Officer have declared, in writing to the board, that the financial reporting risk management and associated compliance and controls have been assessed and found to be operating efficiently and effectively. The operational and other compliance risk management have also been assessed and found to be operating efficiently and effectively. All risk assessments cover the whole financial year and the period up to the signing of the annual financial report for all material operations in the company and material associates.
