Risk Management is a fundamental component of managing our operations.
Our processes to identify, assess and manage risk include:
- Audit and Risk Management Committee monitoring of the overall risk management framework, financial reporting processes, processes for compliance, performance of auditors and oversight of the audit program.
- a broad based risk assessment process which is used to develop a rolling three-year internal audit plan and to inform risk management activities.
- the corporate planning processes which prioritise actions based on assessed risks.
- the project control framework which is used for rule change, review and corporate projects. This includes the creation of a risk register, where relevant, and the active management of identified risks.
The Risk Management and Audit Committee is established as an Advisory Committee to the City of Darwin. This includes monitoring auditors and management and advising the City of Darwin of the results of that monitoring in relation to:
- the overall risk management framework;
- financial reporting processes;
- systems for internal control and management of financial risks;
- processes for monitoring of compliance with legislation and regulation and the AEMC’s Code of Conduct and fraud prevention;
- audit scopes, outcomes and actions; and
- performance of auditors.
The Committee's membership consists of:
- Alderman Jimmy Bouhoris
- Alderman Simon Niblock
All other Elected Members are alternates
- Craig Spencer (Chair)
- Shane Smith
- Roland Chin
To find out more about Risk Management and Audit Committee download the Terms of Reference.