Accountability for reviewing and monitoring
The Board is responsible for maintaining a sound system of internal control. The Board implements measures that are designed to manage, not eliminate, risk, and such a system provides reasonable, but not absolute, assurance against material misstatement or loss. The Board confirms that it has established the procedures necessary to implement the guidance under the QCA Corporate Governance Code.
In accordance with our governance practices, the Audit committee supports the Board of Directors in monitoring the Group’s risks.
At an operational level, we monitor monthly performance against objectives allowing us to track performance management, and identify any potential improvements to our structure and operational efficiencies, as well as monitoring and updating any existing or potential risks and corresponding mitigating actions.
The Board reviews and updates risks on a regular basis, maintains a risk register and addresses each potential risk in terms of likelihood and impact on the business.
We have identified six areas of potential risk: product development; operational; clinical and regulatory; finance and IT; HR; and commercial. The Board believes the following risks are the most significant for the Company, however, they may not necessarily comprise all the associated or potential risks attached to the Company. Alongside risks associated with changes in the market or economic conditions, the political landscape, legal, regulatory or tax implications, there may also be risks that the Directors are currently unaware of but that could have a significant effect on the Group’s ability to carry out its business.
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