Oversight of risk management sits with the Board and the Directors who also have ultimate responsibility for ensuring that the Group maintains a robust system of internal control.
The risk management framework plays a key role in the identification, analysis, mitigation and continual monitoring of the various risks that could affect the delivery of the strategic objectives set by the Board.
Details of our overarching risk management framework are available in the Investor Relations section of our website.
Below we outline the key Group committees supporting our risk mitigation.
Commitment to preventing bribery and fraud
In accordance with the terms of our Code of Conduct we are committed to the elimination of fraud and bribery. We also comply with the UK Bribery Act and applicable money laundering regulations in each jurisdiction in which we operate and co‐operate fully with any investigation conducted by regulatory authorities involving potential money laundering by an employee, officer or Director of the Group. The Audit Committee reviews the actions taken by management in the elimination of fraudulent practices and to promote ethical working practices.
Vedanta Sustainability Assurance Programme (VSAP)
VSAP is our sustainability risk assuranc tool which we use to assess the compliance of all our businesses with the Framework and identify where gaps exist and to address the same. The assurance model has different modules, which cover environment, health, safety, community and human rights elements.
It is now an annual process with clear tracking of results by the Sustainability Committee and the Executive Committee which in turn reports to Board.