Role of the Audit & Risk Committee
The Audit & Risk Committee (ARC) has a key role to play in the effective governance of the Institute and ensuring there is effective: risk management, internal control, external and internal audit, value for money arrangements and financial systems in place. In 2019-20 the Institute’s turnover was c£7million.
The ARC reviews matters such as the annual accounts on behalf of the UKRIAT Committee and makes recommendations to it. The ARC has oversight of the Institute’s strategic risk register and management of strategic risks.
The current Terms of Reference for the ARC are attached.
There are currently five members of the ARC. Meetings of the ARC are also attended by the CEO, Finance Director and representatives of the external and internal auditors where appropriate. The Institute’s President and Immediate Past President have a right to attend the meetings ex officio. Members of ARC are appointed by the UKRIAT Committee on the recommendation of the Nomination Committee in consultation with the Chairman of the ARC.
Responsibilities of members
ARC members provide high level oversight to provide support to the Executive Team, to ensure that appropriate control arrangements are in place, and to provide assurance to UKRIAT Committee. Independent members are expected to bring relevant expertise and experience of audit and risk relating to similar organisations.
A minimum of three meetings are held each year either at the Institute’s offices in London or remotely by electronic means.
Members of ARC are expected to:
Period of Appointment
The appointment will be made for an initial period of a maximum of 3 years and appointees may be eligible for consideration for reappointment for a further term of 3 years.
There is no remuneration directly associated with membership of ARC but the Institute will meet reasonable expenses incurred in connection with membership of ARC and in line with the Institute’s expenses policy.
This is an exciting opportunity to support the work of The Chartered Governance Institute so if you are interested joining the ARC please write a short statement (300 words) to myself, detailing what you think you can bring to the ARC. Please also attached your CV or your LinkedIn profile.
Your expressions of interest should be emailed Cynthia Mora Spencer, Head of Secretariat at firstname.lastname@example.org by Friday 4 December. Short listed applicants may be contacted for an informal discussion with the current ARC Chair. The successful applicant will be notified by early January 2021 and will be invited to attend the next ARC meeting in March 2021.
More information about the ARC and the governance structure of The UKRIAT Division of The Chartered Governance Institute can be found on the Institute’s website; or if you would like to speak to the Head of Secretariat, please contact her on the above email.