Westfield Corporation | Sustainability Report 2018 | 63
RISK MANAGEMENT
The Board is assisted by the Audit and Risk Committee
in its oversight of material business risks. One of the
responsibilities of the Audit and Risk Committee is to
oversee the processes for identifying significant risks faced
by Westfield Corporation and to monitor the effectiveness of
internal controls, risk management and legal compliance.
Westfield Corporation adheres to an Enterprise Risk
Management Policy and Enterprise Risk Management
Framework to assist and guide executives in the
identification of business risks, the management of those
risks and steps required to mitigate those risks.
The Enterprise Risk Management Policy is a general
statement of Westfield’s philosophy and objectives with
respect to risk management practices adopted by the Group.
Our risk management philosophy emphasises the need to:
Proactively identify risk;
Ensure sound risk management systems are in place
and that those systems are reviewed regularly;
Use those systems to regularly assess our performance
to ensure objectives are being met; and
Through our risk management process, to provide a
higher degree of certainty of achieving the key business
objectives listed above.
6.0 GOVERNANCE AND RISK MANAGEMENT
BOARD COMMITTEES
KEY MANAGEMENT COMMITTEES
BOARD OF DIRECTORSCO-CHIEF EXECUTIVE OFFICERS
NOMINATION
COMMITTEE
HUMAN RESOURCES
COMMITTEE
DELEGATION
AUDIT AND RISK
COMMITTEE
COO
(US)
COO
(UK)
US
EXECUTIVES
UK
EXECUTIVES
SUSTAINABILITY
WORKING GROUP
EXECUTIVE
COMMITTEE
EXECUTIVE RISK
MANAGEMENT
TREASURY FINANCE
COMMITTEE
Westfield Century City