At EFG Hermes, we take our audit and risk management responsibilities very seriously and have implemented stringent policies and procedures to ensure that all of our activities are in compliance with international best practices.
The Audit and Risk Committee is responsible for:
- Facilitating an open avenue of communication between the Internal Auditors, the Chief Risk Officer, the external auditors and the Board of Directors, thus ensuring transparency in the disclosure of the findings of the Audit and Risk Committee.
- Reviewing the Company’s annual financial statements, the external auditors scope of audit of the financial statements and any significant changes, which have been required in the external auditors audit plan.
- Reviewing with management, the Chief Internal Audit and the Chief Risk Officer any significant violations and management’s responses and/or proposed corrective and preventive action in relation thereto.
- Reviewing the activities, staffing and organisational structure of the Internal Audit and Risk departments.
- Reviewing the principles and rules applied in relation to the independence, remuneration, performance review and promotion of all senior Audit & Risk Management staff.
- Reviewing the external auditors’ proposed scope of audit and approach, including coordination of audit efforts with internal audit.
- Assisting the Board in fulfilling its statutory and regulatory obligations in all aspects of Risk which include:
- Overseeing, ratifying and reviewing the duties of the Risk Management department.
- Making recommendations to the Board of Directors concerning the firm’s risk appetite.
- Making plans for the mitigation of material risks faced by various business units.
- Implementing and reviewing risk management and internal compliance.
Audit and Risk Committee Members:
Mona Zulficar, Chairperson