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as revised and approved at BSB meeting held on 15 September 2011
1. To keep under review and report to the Board on the corporate governance standards adopted as well as the comprehensiveness, reliability and integrity of internal controls in order to meet the Board's assurance needs. The Committee will keep under review and advise the Board on all matters relating to the risk management framework and internal audit function of the Bar Standards Board. It will provide opinion on the effectiveness of monitoring processes and whether reliance can be placed upon internal controls.
2. To advise the Board on the effectiveness of the corporate governance structures, and to monitor and recommend to the Board action in respect of the effectiveness of the strategic arrangements for governance, risk management and audit. This includes agreeing a programme of Board member training and development to satisfy corporate governance guidelines.
3. To monitor and recommend to the Board action in respect of the Board's management of risks, including arrangements for business continuity and disaster recovery.
4. To agree action in respect of the effectiveness of the Board's financial management and control systems, and internal business processes, including accounting policies, anti-fraud and whistle-blowing arrangements.
5. To develop the BSB's internal audit function including the appointment of the Board's Internal Auditors. Agree the annual audit plan and include any audit reviews that the Board wishes to see conducted. Monitor and recommend to the Board the results of the Board's internal audit arrangements and the effectiveness of the response to issues identified by audit activity.
6. To review relevant assessment reports and assurance reports provided by third parties (including the Independent Observer) to secure an understanding of lessons to be learnt from and best practice revealed by such reports.
Membership
7. The membership of the Governance, Risk & Audit Committee shall be:
Chair
Lay Board member
Vice Chair
Lay or Barrister Board member
Lay members
2 lay members (either Board or non-Board member)
Barrister members
1 barrister member (either Board or non-Board member)
Secretary
Amanda Thompson
Total:
5 members
