Policies, Controls & Reporting
Internal Control Framework
Arig adopts a functional approach within the organisation with individual operating units responsible for various internal operations. Necessary policies, guidelines, procedures, approval limits and performance monitoring mechanisms have been established with the overall supervision by the General Management. The Heads of relevant functional units are responsible for overseeing/implementation of these systems and controls which are to be reviewed periodically.
Internal Audit:
In order to ensure that effective systems and controls are in place for key functions within the Company, Arig has set up an independent Group Internal Audit Department (GIAD) to conduct periodical reviews of the operating units and provide assistance to the Audit Committee in monitoring the internal control framework. The GIAD is directly reporting to the Audit Committee supplemented by an administrative reporting to the Chief Executive Officer. The Audit Committee periodically reviews the reports submitted by GIAD and ensures that the functional activities are adequately monitored from time to time.
Management Reporting:
The functional and operational responsibilities have been delegated by the Board to the Board Committees/Executive Management and Management Reporting has proved to be an essential tool in monitoring the effectiveness of the implementation of Corporate Governance.
The Board Committees and the Executive Management are primarily responsible to provide periodical feedbacks on the assigned tasks to the Board for its review. Complimenting this objective, a comprehensive Management Information System has been formulated and various management reports are being generated within the Company. Concerned Board Committees or General Management are carrying out detailed reviews of these management reports wherever applicable and provide necessary reports/feedback to the Board for its review and consideration.