Whilst we have formal processes for identifying, assessing and reviewing risk as described below, the Board as a whole takes responsibility for management of risk throughout the business.
We believe that risk is best managed by a combination of the following:
- Formal risk management processes as described in this report
- The Board and senior management leading by example
- Alignment through promoting colleague shareholding in Dunelm
- Embedding our culture and values
Given the size of our Board and the relative lack of complexity in our business, we do not have a separate Board Risk Committee; our Audit and Risk Committee oversees the risk management process as part of its activities
Risk Management Framework
The Board confirms that:
- There is an ongoing process for identifying, evaluating and managing the principal risks faced by the Group;
- The systems have been in place for the year under review and up to the date of approval of the annual report and financial statements;
- They are regularly reviewed by the Board; and
- The systems accord with the guidance to Audit Committees issued by the Financial Reporting Council dated April 2016.