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The Board has overarching responsibility for NAIF’s RMF, supported by the BARC. The Board plays a key role in setting a culture across NAIF that embraces risk management as an essential part of business operations.
The CEO and executive are responsible for developing and implementing, under the direction of the Board, the RAS and RMF, risk policies, systems, processes and controls, and fostering a risk aware culture. The executive reports to the BARC, which in turn advises the Board, on the effectiveness of the RMF and the management of NAIF’s KERs.
An Enterprise Risk Forum, comprising the CEO, risk owners and other executives who work across the organisation, meets quarterly to discuss the status of KERs, emerging risks or opportunities and incidents. This forum informs the quarterly RMAC Report presented to the BARC for endorsement and recommendation to the Board.