Common use of Audit and Risk Management Clause in Contracts

Audit and Risk Management. GSOC has a risk management policy and process in place led by the Director of Administration who is the designated Risk Management Officer (RMO). The RMO is supported by a Risk Management Monitoring Group (RMMG) comprising heads of business units and other key personnel, which meets on a regular basis to review and, as required, update GSOC's risk register. Risk management is a standing agenda item at the Ombudsman Commission’s monthly meeting, with a monthly risk management report reviewed and specific risks discussed. The risk register is reviewed in full at least once annually by the Ombudsman Commission. Procedures to manage risk are in place throughout GSOC and are a standing agenda item at management, team, staff and project meetings. A summary of key risks identified and managed by GSOC will be provided to the Department routinely at each governance meeting. Details of key risks will be provided to Criminal Justice Governance (Performance & Compliance). The Department’s Internal Audit Unit (IAU) supports GSOC in monitoring and reviewing the effectiveness of its arrangements for internal governance, risk management and internal control. Audit work is agreed between the Head of Internal Audit and GSOC, with the IAU carrying out audits within an agreed timeframe. The Department’s Audit Committee provides further support in verifying that the interests of Government and other stakeholders are protected through appropriate internal controls and business/financial reporting.