The Audit and Risk Committee consists solely of Non-executive Directors. It is chaired by Sharmila Nebhrajani and comprises Christopher Fisher and Mario Pisani. The main responsibilities of the Audit and Risk Committee are to assure the Accounting Officer and the Board as to the adequacy of:
- The strategic processes for risk control, governance and security within NS&I and processes outsourced to Atos
- The accounting policies, accounts and annual report of NS&I
- Internal and external audit plans and the results of this work along with the management’s responses to any issues identified
- The system of internal control within both NS&I and Atos, including internal audit arrangements within NS&I and the NS&I account within Atos
- Processes in place to ensure appropriate compliance with regulation
- Anti-fraud policies, whistle-blowing processes and arrangements for special investigations
At the invitation of the Committee, the Chief Executive, Finance Director and Risk Director also attend, as well as the Head of Internal Audit, the Director from the National Audit Office (NAO) and a representative from the external audit partner (under the NAO’s framework agreement). All Directors have access to the minutes of the Audit and Risk Committee meetings.Audit and Risk Committee terms of reference
The Appointments and Remuneration Committee comprises two Non-executive Directors; the Chief Executive and the Director of NS&I’s People & Strategy Directorate.
The committee reviews the Chief Executive’s recommendations on pay and performance-related awards to confirm that it is consistent with government policy and HM Treasury pay guidance. Agency performance measures are audited outcomes; individual performance objectives are assessed by the Chief Executive using appropriate measures of outcomes.
The committee also advises on the role and appointment of Executive NS&I Board members. The committee reviews succession planning arrangements for senior staff within NS&I.
Click on the link below to view the Appointments and Remuneration Committee terms of reference:Appointments and Remuneration Committee terms of reference