Our Executive Board has overall responsibility for establishing systems to control risk and for reviewing and measuring their effectiveness. Senior management has the day-to-day responsibility for implementing the systems and for monitoring their impact.
We’ve designed these systems to manage the risk of material misstatement in our financial statements or the risk that we fail to achieve our business objectives. We implement them through our Risk Council, line of service risk assessments, our risk and quality function and our Internal Audit Team (IAT).
Our Risk Council, an Executive Board subcommittee, is responsible for making sure that controls are in place to identify, evaluate and manage our risks.
Sustainability risks, whether strategic or operational, are treated in the same way as other risks to our business and in proportion to all other risks, as part of our overall risk management. Our main sustainability risk relates to ensuring that sustainability is embedded into our services, and achieving our corporate sustainability objectives. We also keep an eye on climate change-related risk, and have assurance processes to ensure our sustainability reporting is reliable.
For example, our Internal Audit Team provides assurance over our sustainability data to make sure that the relevant numerical data and factual statements published in the firm's annual report, Corporate Sustainability annual update and performance scorecard can be supported with appropriate evidence. We also obtain external limited assurance from our financial auditor, Crowe Clark Whitehill (CCW), for our quality and ethics, workplace and diversity, environment, and community data.
Meanwhile, we have rigorous procedures to help us understand any risks that may arise in relation to existing or potential client work, including whether it meets our standards of integrity.
While we have a reputation for quality, given the size of our firm, we do occasionally fall short of our own standards. When this happens, we talk about the issues with the relevant parties and try to resolve them. And, at the same time, we review issues independently – so we can learn lessons and make changes in the relevant part of our business, if required.
Visit the focus areas section of our site for more information on our specific sustainability risks and responses.