Risk and Audit Committee (RAC)

The Risk and Audit Committee, overseeing the University's Systems of Risk Management,  was one of the committees established in 2020 after Senate undertook an external review of its committee structure and established a new structure, effective 1 October 2020. [Annual Report 2020]The Risk and Audit Committee oversees the University's risk management and risk assessment. It meets four times per year at the Chair's discretion and reports to Senate after each meeting.In 2020 the role of the Risk and Audit Committee is to:- review and oversee the University’s systems of risk management, internal control, internal audit and regulatory compliance; and- to ensure that they are effective in monitoring and responding to strategic, operational, financial and other emerging risks within the Committee’s Terms of ReferenceThe Committee monitors and advises Senate on:- systems of risk management including: Safety, Health and Wellbeing (SHW) related matters including compliance with work health and safety legislation;- environmental and sustainability risk and compliance;- Internal Audit- regulatory compliance; and- insurance.The Committee’s Terms of Reference are reflected in the University of Sydney Delegations of Authority Rule 2020 (‘the Delegations’). The Committee monitors and advises Senate on:Risk Managementa) the effectiveness of the Risk Management Framework in general, including overseeing processes for:i. identifying significant risks;ii. implementing appropriate controls and mitigation strategies and plans;iii. monitoring and reportingb) monitoring financial and non-financial risk matters generally within the University unless they are dealt with by another Committee of Senatec) the allocation of specific risks to other relevant Committees of Senate for their oversight Safety, Health and Wellbeingd) Safety, Health and Wellbeing (SHW) related matters, specifically:i. compliance with SHW legislation as it applies to the University;ii. related risks arising from the activities and operations of the University and affiliate identities; andiii. related health and wellbeing related risks arising from or contributing to the activities and operations of the University and affiliated entities Environmental and Sustainability Riske) matters with specific regard to environmental and sustainability risk, including:i. identifying, monitoring and controlling environment and sustainability related risks; andii. compliance with environmental- and sustainability-related legislation.Compliancef) the University’s legal compliance framework and supporting processes to identify, monitor and manage compliance with laws and regulations, and reports by the General Counsel on legislative compliance and legal proceedingsInternal Auditg) monitoring the performance and independence of Internal Audit (“IA”) including:• reviewing and approving the IA Charter and the University’s Annual and Three-Year Audit Plans and Program• reviewing IA reports including significant findings and recommendations• monitoring management’s response to and follow-up of findings and recommendations• reviewing adequacy of resources and budget of the IA function• reviewing and approving the appointment of the Chief Internal Auditor• reviewing the performance and independence of the IA function.h) refer completed audits to the relevant Senate Committee for information and monitoring as appropriateOtheri) risks emerging from the Committee’s review, including from audit investigations, as identified by the Chief Internal Auditor and the Chief Risk Officerj) the annual review of the University’s insurances and make recommendations as appropriate; andk) conducting reviews in the areas covered by the Committee’s Terms of Reference.