7.1 Risk Management and Internal Compliance and Control
The Board, in consultation with the CEO and the Company's Auditors, determines the Consolidated Entity's risk profile and is responsible for overseeing and approving risk management strategy and policy.
The Company does not, at this stage, have an Internal Audit function. The need for such a function was considered during the year with the Board finding that the current process of internal reviews and in consideration of the Company’s size and scale did not currently support an internal audit function,
The Company does not consider that it has any material exposure to economic, environmental and social sustainability risks.
This includes:
Establishing and monitoring the Consolidated Entity's strategies, goals and objectives;
Identifying and measuring risks that have the potential to impact upon the achievement of those strategies, goals
and objectives;
Formulating risk management strategies to manage the identified risks; and
Monitoring and improving the effectiveness of risks and internal compliance controls.
7.2 Certificate from CEO and CFO
Each year, the Chief Executive Officer and the Chief Financial officer certify to the Board in writing that:
The integrity of the financial statements is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and
The Company's risk management and internal compliance and control system is operating efficiently and effectively in all material respects.