Risk Management - Corporate Plan - About Us - Translink

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The NITHC Board has a responsibility for ensuring that an effective system of internal control is maintained and operated by the company and its subsidiaries, and for reviewing its effectiveness.

Internal control systems are designed to meet the particular needs of the group and manage the risks to which it is exposed, and by their nature can provide reasonable but not absolute assurance against material misstatement or loss.

An ongoing process, in accordance with the guidance of the Turnbull Committee on internal control, has been established for identifying, evaluating and managing the significant risks faced by the group. The Board regularly reviews the process. The group’s key risk management processes and system of internal control procedures include the following:-

Risk Management Policy
The Board has a Risk Management Policy that sets out the Board’s attitude to risk and to the achievement of business objectives. This policy:-

explains the group’s underlying approach to risk management;
documents the roles and responsibilities of the Board and the Executive Committee;
outlines the key aspects of the risk management process; and
identifies the main reporting procedures.

Risk Management Committee
The Chief Executive – Translink chairs the Risk Management Committee. The Committee comprises senior management representatives and assists the Board to fulfil its risk management and control responsibilities. The Committee meets regularly during the year to review the risk management process and ensure appropriate communication between the Board, the Audit Committee, the Executive Committee, the internal auditors and any other parties engaged in risk management activities. It receives reports from the Executive Committee and the Director of Corporate Affairs, and reviews the groups risk registers including the level of exposure being accepted and its acceptability in relation to the Board’s risk management policy.

Risk Registers and Reporting
Risk registers are developed for each significant area of the group’s operations and are regularly updated. These risk registers describe the significant risks and in turn how they are managed. They are also used as the basis for regular reviews of the risk profile at management meetings including the review of risk information, risk indicators, early warning signs of risks materialising and any significant control failings or weaknesses. The Risk Management Committee is regularly updated on changes in the divisional risk registers or risk registers relating to specific projects. The risk registers are also regularly and formally reviewed on behalf of the Board by the Group Audit Committee and the registers are made available to all the Board members for their scrutiny.

Risk and Control Self Assessment
An annual risk and control self-assessment process is carried out involving the Chief Executive – Translink, all other members of the Executive Committee and the Director of Corporate Affairs signing a letter of representation confirming their responsibilities in relation to internal control together with the completeness and accuracy of the risk register and related reporting.

Internal Audit
The internal audit arrangements comprise the appointment of an independent Internal Auditing Firm whose work is augmented by a small internal audit team comprising of direct employees. The latter’s work is overseen by the Independent Internal Auditor and the outputs of all internal audit activity are appropriately reported to the Group Audit Committee.

Based on an agreed programme of work, the results of the internal audit function’s work, including agreed actions to implement recommendations made, are also reported to management and the Executive Committee. Internal audit also carries out follow up reviews to determine the extent of implementations of agreed actions.

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