PRINCIPAL RISKS AND UNCERTAINTIES The trustees are responsible for ensuring WWF-UK has a sound system of internal control to safeguard its assets and funds, and for ensuring its assets and funds are used only in furtherance of WWF-UK’s objectives. The system of internal control is intended to manage appropriately rather than eliminate risks and to give reasonable rather than absolute assurance. The trustees exercise their responsibilities through their board meetings and the meetings of the committees of the board described on page 78. The system of internal control includes: • A strategy to 2030, accompanied by a strategic plan 2019-23 and commercial model. These were approved by trustees and came into effect on 1 July 2018. The strategic plan covers the overall aims and objectives of the organisation and is used as a basis for annual planning and quarterly progress reviews by the Executive Group and trustees. • Goal groups. These have been established to ensure activities are coordinated across departments and are focused on the new strategic goals. • Policy and performance steering group and external affairs steering group. These are forums that have been set up to streamline decision-making. Among other responsibilities, the groups ensure there is adequate risk assessment and due diligence over partnerships. • Annual performance targets and operating plans, with actual performance monitored every three months against plans. We have developed outcome and impact metrics for monitoring performance across the goals. • A continuing risk management programme. The top risk register is reviewed on a quarterly basis by the Executive Group and reported to the Audit Committee. At each quarterly review meeting, in addition to reviewing risks and their potential likelihood and impact, priority actions are identified. The operational risk registers are updated every quarter by each goal group and inform the top risk register. The top risks reported to the Executive Group and Audit Committee are set out (right), with the risks emanating from the Covid-19 pandemic considered as a separate risk although it has also had an impact on other risks. • An internal audit programme with findings and progress reviews reported to the Executive Group and the Audit Committee. This includes internal audits of programme offices carried out by WWF International and WWF-US. • A scheme of delegation from the trustees to the chief executive and thereon to managers exists within the organisation. • Procedures to monitor and evaluate the effectiveness of expenditure on conservation programmes and the achievement of outputs and outcomes. • An environmental management system to ensure we monitor and manage our own impact on the environment. The system is audited by an independent assessor. We are committed to transparency by publishing annually our performance against the targets we set ourselves. • A sign-off process, to ensure external projects with which we are associated reflect our values and protect our reputation.
34 STRATEGIC REPORT
