RSL Queensland Annual Report 2020

81 RSL Queensland Annual Report | 2020 Audit and Risk Committee The Audit and Risk Committee provides advice and recommendations to the Board to ensure an understanding and appreciation of the present and future risks regarding the financial and general operations of RSL Queensland. Specifically, the Committee oversees the year-end reporting process, the system of internal control, the management of financial risks, and the internal and external audit process. The Committee carries out its work in accordance with RSL Queensland’s desire to operate in an ethical environment with good corporate governance practices. In 2020, the Audit and Risk Committee oversaw: • the risks associated with the financial and operations of RSL Queensland with the Nomination and Remuneration Committee The Nomination and Remuneration Committee provides advice to the Board on matters relating to shaping and maintaining the desired culture across RSL Queensland. This includes training, talent management and cultural initiatives, Board and CEO performance evaluation criteria, and processes and remuneration frameworks. In 2020, the Nomination and Remuneration Committee achieved: • a review of several policies and practices, with recommendations made to the Board in relation to remuneration, retention, KPIs, terms of reference and board skills onset of the COVID-19 pandemic in March, particularly the effect on the Lotteries revenue stream, the safety of RSL Queensland staff and RSL volunteers, and the business continuity of the organisation • the review of RSL Queensland’s risk appetite, risk policy, WHS system, and the Committee’s Terms of Reference documentation • the establishment of an Investment Committee and the recruitment of independent skills- based committee members. BARRY VAINS OAM Chair, Audit and Risk Committee • an update to the Committee’s Terms of Reference to enhance their contribution to the Board. The Committee would like to thank Company Secretary Leah Coogans for her work and contribution to the group. Wendy Taylor Chair, Nomination and Remuneration Committee Providing direction and guidance to RSL Queensland / Audit and Risk Committee, Nominations and Remuneration Committee RSL Queensland Committees