29 Risk Sub-Committees The Board has restructured the risk management reporting framework during FY2015 so as to achieve a more integrated risk management structure befitting a transnational organisation. Risk management structures have been established in respect of each of the Company’s Australian, UK, Malaysian, Indonesian and French businesses. Risk management subcommittees have been established in Australia and the UK while risk is considered by the Board of Ramsay Générale de Santé. Risks relating to the Company’s Asian joint-venture are reported to the board of Ramsay Sime Darby Health Care Sdn Bhd, as part of the joint venture arrangements with Sime Darby. Each country/region reports to the RMC in writing at least on a quarterly basis. Further, within each country/region, sub-committees have been established with specialised responsibilities: e.g., in Australia sub-committees have been established to oversee the management of risk in relation to clinical governance risk and workforce, safety and culture risk. These sub-committees, which report to the relevant country/region body are an important part of Ramsay’s risk management and governance strategy as they each oversee and report on their respective area of specialisation and responsibility. Internal Audit The Company has established an Internal Audit function to assist in the management of the Company’s risks. Internal Audit undertakes internal reviews of risk management by conducting a series of audits on the systems, processes and controls within the Company. A risk-based plan is agreed with management and the Audit Committee on an annual basis and may include reviews in the areas of financial reporting and management application of accounting policies, asset protection systems and compliance with regulatory regimes, laws and standards. The results of these reviews are reported to the Audit Committee and RMC by the General Manager, Audit & Risk (who is also a member of the RMC). Strategic Alliance with ICHOM As part of its strategy to continuously improve clinical governance, in August 2015 the Company announced a Strategic Alliance with the International Consortium for Health Outcomes Measurement (ICHOM). ICHOM is a non-profit organisation founded to enable health care systems worldwide to measure and report patient outcomes in a standardised way. By forming the Strategic Alliance, the Company has become the first multinational hospital group to partner with ICHOM, thereby demonstrating its commitment to focus on discovering what matters most to patients. The Strategic Alliance also represents the Company’s long-term commitment to driving value in health care in its facilities around the world as the continuous measurement of what is delivered for patients will provide a key input into innovation and help to drive clinical governance quality improvement.
2015 Ramsay Health Care Limited Annual Report
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