Audit & Risk Committee
Role of the Audit & Risk Committee
The purpose of the FRC's Audit & Risk Committee is to support and advise the Accounting Officer (The Chief Executive) and the Board by providing oversight of the company’s financial reporting process, the audit process, the system of internal controls including business continuity and information technology, the identification and management of significant risks and its compliance with laws and regulations.
The Committee provides assurance to the Board and, when it is not satisfied with any aspect of the FRC’s internal controls or reporting, it shall report its views to the Board and the Accounting Officer.
| Name | Terms of Reference |
|---|---|
| Publication date | 8 June 2023 |
| Notes | The responsibilities of the Audit & Risk Committee are set out in the Committee's Terms of Reference. |
| Format | PDF, 138.8 KB |
| Name | General Committee Terms |
| Publication date | 8 June 2023 |
| Notes | The Audit & Risk Committee also adheres to the General Committee Terms. |
| Format | PDF, 134.1 KB |
Committee Members
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Clare Thompson
Chair
Appointed 1 April 2022
Clare is a non-executive director and Chair of the Audit Committee at M&G plc. She is also a former Senior Independent Director and chair of the Audit Committee at Bupa. She retired from PwC in 2011 having been a partner for 23 years. At PwC she was audit/lead partner on major financial services groups and served UK Insurance leader and a member of the UK Assurance executive team.
Since leaving PwC she has built a portfolio of non-executive roles and has served as Chair of the Audit Committee of Bupa’s UK insurance business, a non-executive director of Direct Line Insurance Group plc, a non-executive director of Retail Charity Bonds plc, as Chair of the Audit Committee of Miller Insurance Services LLP and as Treasurer of the Disasters Emergency Committee.
Clare is a member of the FRC Board, the People Committee and the Regulatory Standards and Codes Committee.
She is a member of the ICAEW.
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Angela Cha
Non-Executive Director
Appointed 1 April 2022
Angela is a solicitor and a former partner of the international law firm Pinsent Masons where she was joint head of the financial services (FS) sector group and head of the outsourcing, commercial, and technology practice in London. She specialised in advising FS sector clients on major change and business transformation projects. After her private practice career with Pinsent Masons, Angela continued her legal career working with FS sector clients on a consulting basis.
Angela is a non-executive director on the Board of Bath Building Society where she is also Chair of the Remuneration Committee. Outside of the FS sector, Angela is a co-opted member of the Audit and Risk Committee at the NSPCC.
Angela is also a member of the People Committee, Conduct Committee and Supervision Committee.
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Hannah Nixon
Non-Executive Director
Appointed 1 September 2021
Hannah has widespread experience in economic regulation across a range of industries. She brings significant experience of developing, implementing and enforcing regulatory regimes and influencing public policy. She was the first CEO of the Payment Systems Regulator, the economic regulator of the UK’s £80tn payments industry, responsible for driving competition and innovation in the interests of consumers. She was also a senior partner at Ofgem, where she had responsibility for the networks division.
Hannah is currently Chair of the Single Source Regulations Office, the UK regulator for non-competitive defence procurement, and is also a non-executive director of National Grid Electricity Systems Operator and Thames Water.
Hannah is also the Chair of the Regulatory Standards and Codes Committee and a member of the People Committee and Supervision Committee.
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Ruwan Weerasekera
Non-Executive Director
Appointed 1 September 2021
Ruwan is the former COO and a Managing Partner of SoftBank Investment Advisers, a Managing Director and COO for Securities at UBS Investment Bank and Partner of Accenture. He is also a former Senior Independent Director of ICBC Standard Bank PLC and a Non-Executive Director of London North West University Health Care Trust.
Ruwan is a Non-executive Board Director of UK Research and Innovation, a non-departmental public body sponsored by the Department for Science, Innovation and Technology (DSIT) which brings together the seven disciplinary research councils, Research England and the UK’s innovation agency, Innovate UK. Ruwan chairs the Audit, Risk and Assurance Committee of UKRI.
Ruwan is also the Chair of the Supervision Committee, a member of the People Committee and the Non-Executive Director designated for engagement with the workforce.
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Michael Hearty
Senior Advisor
Appointed 1 September 2020
Michael is a former Finance Director General with the Welsh Government and has extensive public sector experience in strategic and operational leadership across a number of other large and complex central government departments such as Department for Work and Pensions and the Department for Children Schools and Families.
More recently, Michael has taken on a range of non-executive director and advisory roles with a number of public sector organisations such as Her Majesty’s Revenue and Customs and in the public health sectors in both England and Wales. In addition to an extensive public sector finance background, Michael also brings a range of experiences and a proven track record in the development and application of governance, risk and assurance arrangements in organisations and transformational change.