Risk Management Framework

Risk, by definition, is the likelihood of variability of performance compared with expectations. Managing risk in an organisation is therefore an integral part of managing its performance.

The principles of good corporate governance require the Board to manage the risks that have the greatest potential to affect the performance of the organisation. The Board of Ngāi Tahu Holdings Corporation Ltd has implemented sound systems of risk analysis and internal controls designed to identify, assess, monitor and treat risk.

A Risk Register has been developed using the risk management framework that is compliant with AS/NZS 4360 – Risk Management. Key risks have been consolidated across all the business units of the Ngāi Tahu Holdings Group creating a strategic risk profile.

The strategic risk profile drives the development of policies, procedures and manuals required to control the top risks as well as guiding the monitoring function.

Monitoring activity that test operating effectiveness and design of controls includes a regular programme of internal audit that is linked to the risk profile, self-assurance assessments and specific and specialised statutory assurance certificates.

The Audit and Risk Committee maintains control of the risk management system.