How our Board supports risk management
The Board and its Committees set the culture and approve Smiths strategy. The Board ensures appropriate oversight and monitoring of risk through a number of mechanisms, including strategy reviews, Committee meetings, management reports and focused reviews of selected risk areas.
On behalf of the Board, the Audit & Risk Committee is responsible for reviewing and assessing the effectiveness of Smiths risk management and internal control systems. The review process covers principal risks, as well as financial, operational and compliance controls.
The Executive Committee is responsible for designing the enterprise risk management framework and ensuring that it is effectively deployed throughout Smiths. It also ensures that risk owners and decision makers understand the Board’s risk appetite, that risks, including climate risk, are adequately managed and that regular assessments of strategic risks are conducted.