3 A company such as ours should have an We continue each year to complete further Audit and Risk Committee comprising at combinations. Integration of the Group’s least three independent non-executive operating businesses with newly combined directors who are independent in character entities is therefore part of the day-to-day and judgment and free from any relationship work of the financial and operational teams. or circumstance which may, would be likely The Group has a dedicated post-combination to, or could appear to, impair their judgment, integration team focused on the task, but and all members of the Committee should integration relies on the cooperation of a large be independent. The Board considers all number of our people. Integration remains members of the Committee to be independent a key strategic goal and during the year our for these purposes. The Board is satisfied that executive team had a specific incentive to the Committee as a whole has competence encourage physical integration of our people. relevant to the sector in which the Company The Board, senior management and this operates. As detailed in my biography on Committee continue to focus on improving page 52, I have recent and relevant financial the Group’s risk identification processes, experience, and competence in accounting. financial reporting timetables and processes Attendance at Audit and Risk Committee and compliance. meetings is set out on page 60. The Board is ultimately responsible for As reported previously, we appointed establishing and maintaining the Group’s PricewaterhouseCoopers LLP (PwC) as our internal controls. The Audit and Risk auditors as we felt it was more appropriate for Committee’s role is to review this system and a company with our size and ambition to have its effectiveness through reports received from auditors with a truly global reach. The period management and the external auditor. under review is the fourth period audited Risks are reviewed formally semi-annually at by PwC. Mark Jordan has been our audit the level of both the operating businesses and engagement partner since the appointment the Company and presented to the Board and of PwC in January 2019. the Committee as appropriate (see pages 33 Internal control and risk to 38). To the extent that significant new risks arise, or existing risks require new mitigation management strategies or procedures, these are raised and We continue to monitor and assess the discussed at Board meetings. The general effectiveness of the Board’s systems and counsel, head of tax and internal control controls to ensure that we have robust manager are also involved in the assessment procedures in place. Our assessment takes of risks, which strengthens the processes into account the following key areas:the in place. overall reporting environment, including Board Consolidated management accounts are composition, the Committee’s constitution and prepared monthly and presented at Board the Group’s finance function; meetings, providing relevant, reliable • the preparation and assessment of budgets and current information to management. and the management reporting framework of Annual plans and forecasts are used to monitor the Group; the development of the Group’s businesses • significant transaction complexity, potential and to measure progress towards objectives. financial exposures and risks; Budget approval is a matter reserved for the Board. • the Group’s financial accounting and reporting procedures, and audit arrangements; and • information systems. S4Capital Annual Report and Accounts 2021 63