The Risk and Audit Committee is responsible for examining and reviewing all of the Union’s systems and methods of control (both financial and otherwise), including risk analysis and risk management. It is also responsible for ensuring the organisation is complying with all aspects of the law, relevant regulations and good practice.
More specifically, the committee will:
- Recommend a framework of effective audit coverage to the Board of Trustees, having reviewed the internal and external audit processes.
- Monitor the process for implementing the Union’s Risk Register, and report regularly to the Board of Trustees on the management of risks and associated controls.
- Advise the Board of Trustees on the minimum and optimum level of internal and external audit arrangements.
- Ensure that regular audits are carried out on significant controls as identified by the risk register.
- Monitor internal and external audit reviews and advise the Board of Trustees accordingly.
- On behalf of the Board, investigate any financial or administrative matter which may be considered as high risk.
- Examine reports on special investigations and advise the Board of Trustees accordingly.
- Scrutinise and advise the Board on the contents of the draft audit findings report and of any management letter that the auditors may wish to present to the Board, and formulate a response and action plan.
- Meet at least once per term.
- Report to the Board of Trustees and Union Executive, through submission of the minutes for each meeting of the Committee.
- One External Trustee appointed by the Board of Trustees (Chair)
- Three Sabbatical Officers
- One Student Trustee appointed by the Board of Trustees.
- Two additional students approved by Union Executive.
- External advisor with risk/audit expertise appointed by the Board of Trustees.
- Head of Finance
- Head of Operations
- Any Members who wish to attend as observers.
- Other staff members proposed by the Chief Executive and agreed by the Chair.
Chair: Deepan Benati , External Trustee (UCL Staff)
Upcoming Risk and Audit Committee Meetings:
Previous Minutes :
Find previous Risk and Audit Agendas and Minutes here.