POL00447852
POL00447852
@
POST OFFICE LIMITED
AUDIT, RISK AND COMPLIANCE COMMITTEE REPORT
Audit, Risk and Compliance Meetin
Title: (ARC) Committee Evaluation Date: 9 29" January 2024
2022/23 - Status Update ‘
. I Marie Molloy, Senior Assistant . . A
Author: Company Secretary Sponsor: Simon Jeffreys, ARC Chair
Input Sought: Noting & Discussion
The Committee is asked to:
e« NOTE and DISCUSS the progress against the recommended areas and actions to address
points raised for improvement.
Executive Summary
At the 16 May 2023 meeting, the ARC approved the recommended areas and actions to
address points raised for improvement. We have summarised below the actions in evaluation
and progress made against these.
Actions and status from the Committee Evaluation 2022/23
The actions from the Committee Evaluation 2022/23 and their status are as follows:
1. ARC coverage to ensure all key risk areas are reviewed to provide a holistic view of
the control and operational risk environments within POL, particularly those
exposed legal and regulatory environments.
Status: In Progress. Significant improvements have been made to risk reporting,
however more works needs to be done in ensuring POL coverage and timely
visibility of risk and issues.
2. Strict enforcement of templates and ensuring papers in the reading room are
appropriately cross referenced and or summarised in the main pack.
Status: In progress. Updated templates have been circulated; however some
areas are still not cross referencing reading room material appropriately.
The following changes were also to be considered:
i. Enhance coverage of lines of defence to ensure this is adequate to provide early
warning/lead indicators.
Status: In progress. Group assurance is in the process of embedding a continuous
assurance model.
ii. Whether a balanced scorecard regarding Postmaster detriment should be
developed
Status: This is still under consideration. Group assurance has provided retail with
some recommendations to significantly enhance their retail dashboard.
Strictly Confidential
POL00447852
POL00447852
@
iii. The Committee formally review the ‘ Forward Plan’ on a 6 monthly basis to ensure
this remains in line with the risk profile of POL.
Status: Completed. The ‘Forward Plan’ is being reviewed in January 2024 and
again in May 2024. The ‘Forward Plan’ is also a noting item at each ARC meeting.
Additional areas raised at the ARC meeting 16" May 2023:
iv. When reports were pushed back to later meetings, the presenter still attended
ARC to provide an explanation.
Status: Completed. This is communicated via the agenda planning process.
v. Papers should be more action focused and include whether what should be being
done was actually being undertaken.
Status: In progress. This is an iterative process but improvements are being made.
vi. More analysis, interpretation and recommendations in the papers.
Status: In progress. This is an iterative process but improvements are being made.
vii. A one page top sheet on issues the committee should consider.
Status: This template is still under consideration, content to be confirmed at
January 2024 ARC.
Next Steps.
We will continue to monitor actions in progress and undertake a further assessment of
Progress against these actions in May 2024.
An externally facilitated evaluation will be undertaken on the Board and its Committees for
2023/24, therefore an internal evaluation will not be conducted this year.
Strictly Confidential