The Board has overall responsibility for the governance of risk and oversees the REIT Manager in the design, implementation and monitoring of the risk management and internal control systems.
The Audit and Risk Committee (ARC) assists the Board in carrying out the Board’s responsibility of overseeing the risk management framework and policies of Sasseur REIT. The REIT Manager adopts an Enterprise Risk Management (ERM) Framework to manage risks in a systematic and consistent manner. The ERM Framework and Risk Management Policy are reviewed annually. The ARC meets at least four times a year.
The internal audit function is outsourced to PricewaterhouseCoopers Risk Services Pte. Ltd. (PwC or Internal Auditors) which is staffed by qualified executives. The ARC approves the hiring, removal, evaluation and compensation of the auditing firm to which the internal audit function is outsourced.
The Internal Auditors have unfettered access to all the Group’s documents, records, properties and personnel, including access to the ARC. PwC reports to the ARC Chairman and has unrestricted access to the ARC, and is guided by the standards set by nationally or internationally recognised professional bodies including the Standards for the Professional Practice of Internal Auditing set by The Institute of Internal Auditors.
The ARC will review the findings of the Internal Auditors and will ensure that the Group follows up on the Internal Auditors’ recommendations. The ARC will review the adequacy of the internal audit function annually to ensure that the internal audit function is adequately resourced and able to perform its function effectively and objectively. The ARC also reviews the independence of the internal audit function./p>