Background and purpose of the Audit and Risk Committee

The aim of the Audit and Risk Committee is to assist the Urdd’s Board of Trustees with its responsibility by scrutinizing and challenging the strategic processes for risk, management, and governance. The Audit and Risk Committee will meet with the Board of Trustees annually to discuss their annual report. The committee has an independent Chair, and the membership will include 3 trustees of the Urdd.

Jayne Woods

Chair, Audit and Risk Committee

Jayne is a chartered accountant and specialises in providing financial, risk and governance advice in the public sector. She is a non-executive director in several organisations in the education sector including Qualifications Wales and the Tertiary Education and Research Commission and is a member of the Arts Council of Wales capital committee. She has significant experience of serving on audit and risk committees and has worked in the public and private sectors on a wide variety of financial matters. Previously, she was Chief Finance Officer for the Police Commissioner and a consultant and auditor at Deloitte.

Role of the Audit and Risk Committee

An overview of the Committee's main responsibilities:

• Oversee the process for appointing or re-appointing External Auditors.
• Monitor annually the performance of the External auditors.
• Discuss with the auditors’ issues that have arisen during the audit, including the management letter from the External Auditors and the content of the management's responses, and the formal opinion of the External Auditors.
• Scrutinize the following, and agree on a recommendation(s) to the Board as appropriate:

- Trustees' Report and annual Financial Statements.

- The representation letter before recommending it to the Board of Trustees for consideration and approval.

• Regular review of the Urdd's Risk Policy and register.
• Any amendments to the organisation's policies on declaration of interests, anti-fraud, 'whistleblowing' processes and arrangements for special investigations.
• Regular review of the interests of the Board of Trustees and the Management Team.
• Amendments to the Committee's terms of reference (usually following an annual evaluation of its own performance).
• Oversee process to develop and manage the investment strategy and policy within a strategy and risk framework defined by the Board.
• Assess and review the investment and risk strategy and policy.
• Assess and approve to the Board any changes to the investments.