Aveng operates in complex environments where risk and opportunity are inherent in all our business activities. While it is impossible to completely eliminate risk, the group has developed a robust and practical risk management approach that is embedded across the organisation. Aveng’s approach to managing risk and opportunity is based on a “three lines of defence” combined assurance model.
- The first line of defence involves early identification, quantification and assessment, and mitigation of risks and opportunities.
- The second line of defence monitors the effectiveness of the management of risks and opportunities.
- The third line of defence provides independent assurance, through external and internal audit, that the overall risk and opportunity management process is functioning appropriately.
The Board’s audit and risk committee acts as the governing body for the combined risk management assurance model. The audit and risk committee oversees the activities of all three lines of defence and receives reports from the Group commercial executive on the efficacy of the three lines of defence model, as well as reports from internal and external auditors (third line of defence).
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