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Finance and Risk Committee

<div>
<h2 id="roles-and-responsibilities">Roles and Responsibilities</h2>
<a class="b_a_1310c973 c_a_1310c973 focusBorder-160" role="link" aria-label="Permalink for Roles and Responsibilities" data-sp-anchor-id="roles-and-responsibilities" href="https://vinnsw.sharepoint.com/sites/staffportal-act-about-us/sitepages/audit-and-risk-committee.aspx#roles-and-responsibilities" target="_self"><em class="e_a_1310c973 f_a_1310c973 css-159" aria-hidden="true"></em></a></div>
<p>The committee has no executive powers, except those expressly delegated to it by the President.</p>
<p>The committee is directly responsible and accountable to the President for the exercise of its responsibilities. The primary responsibility for management of the organisation rests with the CEO, but this does not impede the work of the committee.</p>
<p>The responsibilities of the committee may be revised or expanded in consultation with, or as requested by, the President from time to time.</p>
<p></p>
<h4>The committee’s responsibilities include oversight of:</h4>
<p> </p>
<div>
<h4 id="risk-management">Risk Management</h4>
</div>
<ul>
<li>review whether management has in place a current and comprehensive risk management framework and associated procedures for effective identification and management of the organisation’s financial and business risks, including fraud;</li>
<li>review whether a sound and effective process has been followed in developing strategic risk management plans for major projects or undertakings;</li>
<li>review the impact of the organisation’s risk management framework on its control environment and insurance arrangements;</li>
<li>review whether a sound and effective process has been followed in establishing the organisation’s business continuity planning arrangements, including whether disaster recovery plans have been tested periodically; and</li>
<li>review the organisation’s fraud control arrangements and satisfy itself that it has appropriate processes and systems in place to capture and effectively investigate fraud related information.</li>
</ul>
<p> </p>
<div>
<h4 id="control-framework">Control Framework</h4>
</div>
<ul>
<li>review whether management’s approach to maintaining an effective internal control framework, including over external parties such as contractors and advisors, is sound and effective; </li>
<li>review whether management has in place relevant policies, procedures, and internal controls and that these are periodically reviewed and updated;</li>
<li>determine whether the appropriate processes are in place to assess, at least once a year, whether policies and procedures are complied with;</li>
<li>review whether appropriate policies and procedures are in place for the management and exercise of delegations;  consider how management identifies any required changes to the design or implementation of internal controls; and</li>
<li>review whether management has taken steps to embed a culture which is committed to ethical and lawful behaviour. </li>
</ul>
<div>
<h4 id="external-accountability"><br />External Accountability</h4>
</div>
<ul>
<li>advise the President on whether key controls are designed appropriately and are operating effectively;</li>
<li>review the annual financial statements and provide advice to the President (including whether appropriate action has been taken in response to audit recommendations and adjustments), and recommend their signing by the President;</li>
<li>satisfy itself that the financial statements are supported by appropriate management signoff on the statements, and on the adequacy of the systems of internal controls;</li>
<li>review the processes in place designed to ensure that financial information included in the organisation’s annual report is consistent with the signed financial statements.</li>
</ul>
<p> </p>
<div>
<h4 id="legislative-compliance">Legislative Compliance</h4>
</div>
<ul>
<li>determine whether management has appropriately considered legal and compliance risks as part of the organisation’s risk assessment and management arrangements; and</li>
<li>review the effectiveness of the system for monitoring the organisation’s compliance with relevant laws and regulations.</li>
</ul>
<div>
<h4 id="internal-audit"><br />Internal Audit</h4>
</div>
<ul>
<li>act as a forum for communication between the senior management and internal and external audit;</li>
<li>adopt a risk based approach to planning internal audits, with the selection of audits being closely related to the key risks identified in the strategic risk reviews, and providing broad coverage over time;</li>
<li>ensure the internal audit work plan assesses the adequacy of the organisation’s internal controls including those underpinning the reliability of the financial reporting and statements;</li>
<li>consider all audit reports and provide advice to the President on significant issues identified in audit reports and action taken on issues raised, including identification and dissemination of good practice;</li>
<li>monitor management’s implementation of internal audit recommendations;</li>
<li>review the internal audit charter to ensure appropriate organisational structures, authority, access and reporting arrangements are in place; and</li>
<li>periodically review the performance of the internal audit providers.</li>
</ul>
<div>
<h4 id="external-audit"><br />External Audit</h4>
</div>
<ul>
<li>provide input and feedback on the financial statements audit coverage proposed by external audit and provide feedback on the audit services provided;</li>
<li>review all external plans and reports in respect of planned or completed audits and monitor management’s implementation of audit recommendations; and</li>
<li>provide advice to the President on action taken on significant issues raised in relevant external audit reports</li>
</ul>

Rich Text

<h4>2026 Meeting Dates</h4>
<table border="1" style="border-collapse: collapse; width: 44.2307%; height: 72px;">
<tbody>
<tr>
<td style="width: 100%;">11/02/2026</td>
</tr>
<tr>
<td style="width: 100%;">03/06/2026</td>
</tr>
<tr>
<td style="width: 100%;">07/10/2026</td>
</tr>
<tr>
<td style="width: 100%;">12/11/2026</td>
</tr>
</tbody>
</table>
<p></p>
<h4>Members:</h4>
<ul>
<li>Stewart Chapman (Chair)&nbsp;</li>
<li>Garry Murphy</li>
<li>Jim Corrigan</li>
<li>Andrew McPhillips </li>
<li>Brian Stacey</li>
<li>John Feint</li>
</ul>
<p></p>
<h4>Advisers:</h4>
<ul>
<li>Lucy Hohnen (CEO)</li>
<li>Antony Allen (COO)</li>
<li>Andrew Chenery (CFO)</li>
</ul>
<h4>Secretariat:</h4>
<ul>
<li>Fran Neuss</li>
<li>Catherine Zappulla</li>
</ul>

<div>
<h2 id="roles-and-responsibilities">Roles and Responsibilities</h2>
<a class="b_a_1310c973 c_a_1310c973 focusBorder-160" role="link" aria-label="Permalink for Roles and Responsibilities" data-sp-anchor-id="roles-and-responsibilities" href="https://vinnsw.sharepoint.com/sites/staffportal-act-about-us/sitepages/audit-and-risk-committee.aspx#roles-and-responsibilities" target="_self"><em class="e_a_1310c973 f_a_1310c973 css-159" aria-hidden="true"></em></a></div>
<p>The primary responsibilities of the Committee are to provide the Territory Council and the President with advice and guidance on issues affecting the financial strategy of the business including:</p>
<p>Review of the operational and capital budgets as prepared by management and recommend it to the Territory Council and President for approval, including, but not limited to preparation of the budgets, the risk analysis attached to those budgets and the financial modelling;</p>
<ul>
<li>Review of the investment guidelines and monitoring the financial performance of funds invested by the Society;</li>
<li>Where necessary and appropriate review the pricing policies across business units;</li>
<li>Monitoring the taxation strategy and obligations of the Society;</li>
<li>Reviewing and approving business cases within the approved operational budgets;</li>
<li>Providing guidance both to management and the Territory Council and the President on draft capital and operational proposals prior to submission to the Territory Council for approval which are not within the scope of the approved budgets or are part of future strategy;</li>
<li>Periodic review of forecasts and operational expenditures and income; and</li>
<li>Managing conflicts of interests of any committee member relating to any contracts or undertakings of the Society.</li>
</ul>
<p></p>
<div>
<h4 id="purpose">Purpose</h4>
</div>
<p>The purpose of the Committee is to assist the Territory Council and the President in the effective discharge of its responsibilities for developing financial strategies of the Society and involves working to the following objectives:</p>
<ul>
<li>Assisting the Territory Council and President to discharge its responsibility to manage the budgetary processes and strategic financial management of the Society;</li>
<li>Provide a formal forum for communication from the Territory Council and senior financial management of the Society and other senior management where deemed by the Committee as needed to assist it in its purposes;</li>
<li>Improving the quality of internal and external reporting of financial and non-financial information</li>
<li>Developing and maintaining a financial management culture within the Society that ensures integrity and credibility in financial reporting and ensures rigorous review of all financial projects planned or proposed by the Society;
<ul>
<li>The Committee does not relieve any Territory Councillor or the President of their responsibilities for these matters;</li>
<li>The Committee is advisory in its role and other than to the Board the Committee has no direct obligation to or from management; and</li>
<li>The purpose of the Committee does not extend to operational financial management of the Society</li>
</ul>
</li>
</ul>
<div></div>