Risk Management Review
Members of SMG evaluate progress with risk management annually as part of a wider review leading to the SMG Annual Statement on Internal Control. This statement is an element in corporate governance reporting. In 2003 and 2004, SMG evaluated progress using a checklist adapted from a HEFCE model. In 2005, SMG members were asked to carry out the review as part of the June updating of the Risk Register.
The work of Internal Audit is based on the risks identified in the Institutional Risk Register. The report of the auditors is a key feature in confirming to management that there is a sound system of internal control in place.