Reef Casino Trust

Managed by Reef Corporate Services Limited
 ABN 66 057 599 621

Click here to be redirected to The Reef Hotel Casino website.  http://www.reefcasino.com.au
 

 

Risk Management Policy

 

Reef Corporate Services Ltd and Reef Casino Trust have implemented a risk management plan to ensure that material business risks are managed.  This plan has also been adopted by the operator of the Reef Hotel Casino complex.   The plan involves a structured approach to risk management based on AS/NZS 4360: Risk Management including risk registers for the key areas including the responsible entity’s Australian Financial Services Licence and Trust Compliance plan.

 

 Oversight

 The Board Charter sets out the responsibilities of the Board and includes approving and monitoring compliance with the Trust internal control system and risk management systems. 

The Compliance, Audit and Risk Committee Charter sets out specific responsibilities of the Committee including  

  • Review and recommend to the board and then periodically review the risk management plan and policy for the Trust, Company and sub-lessee of the Reef Hotel Casino
  • Agree with management and keep the Board informed of material business risks
  • Review reports from management on the effectiveness of the management of material business risks

The Committee reports its findings to the Board.  

Risk management and reporting 

The CEO and Management are responsible for developing and implementing a sound system of risk management and internal control. 

This includes

  • Risk identification and assessment as set out in the board approved risk management plan and based on AS/NZS 4360: Risk Management
  • Maintenance of risk registers focussing on material business risks
  • Drafting and maintaining polices and procedures
  • Staff induction
  • Staff training
  • Incident reporting
  • Compliance with RCT/RCS compliance plan obligations
  • AFSL checklists

Management are responsible for reporting to the board via the Compliance, Audit and Risk committee on the effectiveness of risk management and internal control systems. 

The external compliance plan auditor reports annually on whether the responsible entity has complied with the Trust’s compliance plan.    

Approved by the Board on 16 July 2008

 

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Last modified: 02/05/08

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