Internal Control and Risk Management

The Community First Board is responsible for overseeing Community First’s systems of internal control and is responsible for satisfying themselves that the Executive have developed and implemented a sound system of risk management and internal control.
The Board reviews the effectiveness of the internal control systems and risk management on an ongoing basis, and monitors risk through the FACRM.  The Board regularly receives information about the financial position and performance of Community First. 

For annual accounts (and half-yearly accounts provided to contractor funding bodies) the Chief Executive Officer and the Chief Financial Officer attest to the Board:
•    the accuracy of the accounts and that they represent a true and fair view, in all material respects, of Community First’s financial condition and operational results, and have been prepared in accordance with applicable accounting standards, and
•    that the representations are based on a system of risk management and internal compliance and control relating to financial reporting which implements the policies adopted by the Board, and that those systems are operating efficiently and effectively in all material respects.

The Board has approved a risk management program that is being adopted progressively throughout Community First and involves the identification and assessment of significant risks and rating of the effectiveness of associated controls.  Mitigation strategies are developed and implemented. Periodic risk reports are provided to the FACRM and Board.
As part of the risk management program, Community First has established policies for the oversight and management of material business risks. These policies include:
•    Risk Management Policy
•    Business Continuity Policy
•    Compliance Policy
•    Document Control Policy
•    Environmental Sustainability Policy
•    Financial Management Policy
•    Fraud Policy
•    Insurance Policy
•    Occupational Safety and Health Policy
•    Privacy, Dignity and Confidentiality Policy
•    Quality Policy
•    Whistleblower Policy