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 Senior Independent Director and Chair of the Audit Committee at M&G plc. 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 as 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 Senior Independent Director and Chair of the Audit Committee at Bupa, 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.
She is a member of the ICAEW.
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Eva Lindholm
Member
1 April 2025
Eva has had a broad executive career in the financial services industry, having worked at JPMorgan for 27 years and UBS for 12 years. She has significant leadership experience in Investment Banking, Corporate Banking and Wealth Management, across several geographies and markets. She has served on the Board of Transport for London, including on its Finance and Policy Committee, and on the UK Government’s Investment Council. Eva has also served as the Chair of the UBS Optimus Foundation UK, and serves as the Chair of Arosa Foundation, which is focused on supporting female founders.
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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, Chair of the Retail Energy Codes Company,
and is also a non-executive director of National Grid Electricity Systems Operator and Worldpay UK.
Hannah is also a member of the Audit & Risk 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.