Risk Assessment and Audit Committee

The Risk Assessment and Audit Committee (RAAC) ensures effective and efficient use of public resources by reviewing the performance and operation of the Institute’s internal controls and performance management systems.

The RAAC reports directly to the Director and is chaired by an external member.

The committee meets three to four times per year, addressing a range of issues including approval of budgets, Portfolio Budget Statements, mid-year budget reviews, internal and external audit processes, fraud control, FMA Act compliance reviews, and updates of the Institute's Director's Instructions and Financial Rules.

Role

The committee:

  • plays a key role in the Institute’s corporate governance;
  • helps ensure effective and efficient use of resources by reviewing the performance and operations of internal controls and performance management systems;
  • approves the Institute’s internal audit program and advises the executive on risk, fraud, compliance and performance; and
  • provides assurance to the Director on preparing and reviewing financial statements.

Membership

Includes the two Deputy Directors and two independent members external to the Institute.

Committee members

Mr Dennis Mihelyi (Chair)

Mr Brian Scammell (member)

Dr Michael Alexander (Member)
Acting Deputy Director (Corporate and Strategy), AIFS

Ms Kelly Hand (Member)
Deputy Director (Research), AIFS

Anne Hollonds (Observer)
Director, AIFS

Mr Malcolm Williamson (Observer)
Chief Financial Officer, AIFS

 

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