The Board is responsible for the Group’s system of internal control and for reviewing its effectiveness. The Board’s internal control processes are comprehensive, as set out in the Report of the Audit Committee in Petra’s 2021 Annual Report.
The Group is exposed to a number of risks and uncertainties which could have a material impact on its performance and long-term development. The effective identification, management and mitigation of these risks and uncertainties is a core focus of the Group, as they are key to the Company’s objectives and strategy being achieved.
Risk management is the overall responsibility of the Board, assisted by the Board Committees. Please see below a schematic illustrating the structure of Petra’s risk management framework.