Lenovo 2016 Annual Report Download - page 80

78 Lenovo Group Limited 2015/16 Annual Report
CORPORATE GOVERNANCE REPORT
Board • Has overall responsibility for the Lenovo’s risk management and internal
control system.
• Oversees the actions of management and monitors the overall
effectiveness of the risk management system and internal audit
function.
• Oversees and reviews processes and controls for strategic and
operational risk and monitors the effectiveness of the established
controls through the Audit Committee.
Audit Committee • Supports the Board in monitoring the performance of the risk
management system and key risks and internal control systems.
• Reviews the effectiveness of the Company’s Internal Audit function.
• Reviews the reports submitted by external auditor, which summarized
matters arising from their audit with management’s responses and/or
comments to the findings.
• Reviews risks raised during annual risk registration exercise, and other
risks and concerns.
• Approves Company’s risk tolerance.
Internal Audit • Supports the Audit Committee in reviewing effectiveness of internal
controls system.
• Capitalizes on the audit processes to independently assess the
effectiveness of established system of controls.
• Independent investigations regarding certain allegations of fraud
and violations of Lenovo’s Code of Conduct (the “Code”) and other
company policies.
Senior Management • Provide leadership and guidance for the balance of risk and return.
• Designs, implements and reviews Lenovo’s risk management framework.
• Ensures that salient risks are highlighted to the Audit Committee, along
with the status of actions taken to manage these risks.