Effective risk management is integral to our objective of delivering sustainable long‑term value
The Board is committed to protecting and enhancing the Group’s
reputation and assets in the interests of shareholders as a whole,
while having due regard to the interests of all stakeholders. It has
overall responsibility for the Group’s system of risk management
and internal control.
The Group’s businesses are affected by a number of risks and
uncertainties. These may be impacted by internal and external
factors, some of which we cannot control. Many of the risks are
similar to those found by other companies of similar scale
The risks and uncertainties facing the Group have been
considered in the context of the continuing COVID-19 pandemic,
as well as the potential implications from any changes in the
trading relationship between the UK and the European Union (EU)
from 1 January 2021.
Risk management and maintenance of appropriate systems of control to manage risk are the responsibilities of the Board and are integral to the ability of the Group to deliver on its strategic priorities. The Board has developed a framework of risk management which is used to establish the culture of effective risk management throughout the business by identifying and monitoring the material risks, setting risk appetite and determining the overall risk tolerance of the Group. To enhance risk awareness, embed risk management and gain greater participation in managing risk across the Group, a programme of employee communication continues with all new employees receiving a brochure on joining Volution.
The Group’s framework of risk management is monitored by the Audit Committee, under delegation from the Board. The Audit Committee is responsible for overseeing the effectiveness of the internal control environment of the Group.
BDO LLP (BDO) continued to act in the capacity of internal auditor and provide independent assurance that the Group’s risk management, governance and internal control processes are operating effectively. BDO continued to act in this capacity throughout the financial year ended 31 July 2021.
- Economic risk
- Supply chain and raw materials
- Foreign exchange risk
- IT systems including cyber breach
- Regulatory environment