Annual Report & Accounts 2017/18

76 NI Water Annual Report and Accounts 2017/18 The Risk Committee reviewed the corporate threats and opportunities and as Chair of the Risk Committee, I provided a report to the Board on a quarterly basis on key matters regarding risk and assurance. A corporate threat and opportunity management report was also included in the Chief Executive’s report to the Board on a monthly basis. The Committee continues to provide support to management and to local universities in relation to research, development and innovation regarding threat and opportunity management. A joint meeting between the Risk Committee and Audit Committee was held to review the effectiveness of NI Waters’ internal control and risk management framework and the Board was satisfied with the annual review provided by both Committees. The Committee evaluated the annual cycle of reports considered by the Committee and was content that it has fulfilled its function as provided for in the Risk Committee’s Terms of Reference. A formal report was presented to the Board in July 2018. Refer to the Directors’ remuneration report on page 82 in relation to the work of the Nomination and Remuneration Committee. John Rae 24 July 2018 Governance Members of the Risk Committee and NI Water staff pictured with the Risk Management Award received at the 2018 British Insurance Awards. The award was for our innovative approach to Risk management and resilience.