Risk Management Policy
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Management of risk is a primary objective of Leigh Creek Energy Limited (“the Company”)
in all its business activities. The Company is committed to ensuring that its
culture, processes and structures facilitate realisation of the Company’s business
objectives, including potential opportunities, while its system of risk oversight,
management and internal control are appropriate.
The key areas of risk identified by the Board are:
- Operational risk
- Indigenous peopleCleansing Notice
- HSE&C
Leigh Creek Energy- Environment
/ Tuesday, 21 December 2021- Financial reporting
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The Company has adopted a Risk Management Policy, consistent with Australia/New
Zealand Standard 4360, which clearly defines responsibilities for managing risk
under the Company’s risk management process. Material risks of the Company’s
business, including operational, financial, legal and compliance risks related to
business transactions, are required to be regularly identified, managed, monitored
and reported. Methods for treating and mitigating risks include transferring,
reducing, accepting or passing on risks following assessment using a variety of
methods.0
Primary responsibility for managing risk rests with the Company’s management,
while the Board, through its Audit & Risk Committee, retains ultimate responsibility
for risk management.
One of the cornerstones of the Company’s risk management approach is a well defined
system of delegated authorities with respect to the commitment of capital and an
investment approval process which brings rigour to the selection, assessment and
approval of investment risks. Matters such as legal, accounting, tax and general
risk assessment issues are considered in each case. The Company’s most senior
Executives and the Board are involved in major decisions.
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Material risks are reported to the Board through the Audit & Risk Committee
and the Board has worked with management to implement policies and processes to
address particular identified risks. The Board participates in regular updates (as
required) from management on material aspects of the business of the Company, including
material risks. In the case of any particular major risk materialising, relevant
members of senior management and the Managing Director/CEO/General Manager are responsible
for ensuring the Board is fully informed of, and for discussing with the Board,
the steps taken to address that risk.