Management of risk continues to be a primary objective of the Astro Group in all its business activities. The Astro Group has adopted a Risk Management Policy which is intended to:
- communicate the roles and accountabilities of participants in the risk management system;
- provide a framework for identifying, assessing, monitoring and managing risk; and
- highlight the status of risks to which the Astro Group is exposed.
The Policy sets out the Astro Group’s risk management system that has been established to identify risks that could have a material impact on the Astro Group business. The Policy is consistent with guidance on risk management in AS/NZS ISO 31000:2009 (Risk management – principles and guidelines). In addition to the Policy, a Risk Register is maintained that sets out a list of potential sources of material business risks that could impact the Astro Group which is used by management to identify and manage risks to the Astro Group business.
The Board is ultimately responsible for overseeing and managing the material risks of the Astro Group. The Audit, Risk & Compliance Committee assists the Board in this role. In accordance with its Charter, the role of the Committee includes consideration of the overall risk management framework of the Astro Group and the review of its effectiveness in meeting sound corporate governance principles, reviewing and managing the system for identifying, managing and monitoring the key risks of the Astro Group and obtaining reports from management on the status of any key risk exposures or incidents. In undertaking these responsibilities, the Committee principally relies on the resources and expertise of management to implement and report upon the risk management systems and procedures, which enables the Committee to keep the Board informed of all material business risks.