AstraZeneca Annual Report and Form 20-F Information 2008

Key accountabilities

The Board, and specifically the Audit Committee, are accountable for monitoring and overseeing the risk management systems and processes implemented by management and for assessing their adequacy and effectiveness. In addition to direct assurances from senior management through the performance management and monitoring process, they receive and review a Group-level risk summary from the annual business planning process and QBRs. They also receive quarterly incident reports and updates on compliance initiatives from the Global Compliance Officer, and information in respect of audits in relation to certain risks, carried out by GIA, in accordance with its annual audit plan.

SET members are accountable for ensuring sound risk management, control and assurance processes within their SET areas. They actively participate in the annual and quarterly risk review processes and receive quarterly reports on key compliance incidents and the outcomes of audits in their SET area. They are also required to complete an annual assurance statement to confirm that effective risk management and control processes have been operating throughout the year.

Line and project management are accountable for the management of risk within the context of their functional or cross-functional remit or project. To support and underpin the work of line and project management and the SET in managing risk, we have developed systems and processes to ensure the effective identification, management and reporting of key risks. A risk management policy, with guidelines and supporting tools ensures that managers can recognise, assess and actively manage the challenges in their areas.

Our compliance organisation is comprised of a wide range of specialist groups who work with line management and the SET to develop systems and processes for managing risk in specific regulated areas to ensure ongoing legal and regulatory compliance. These groups include Good Laboratory, Clinical and Manufacturing Compliance, SHE, Medical and Regulatory Affairs, Financial Control and Compliance, Information Security and Data Privacy, Sales and Marketing Compliance and Legal and Intellectual Property.

Both line management and these specialist functions are supported by the Global Compliance function that acts as the primary reporting channel to Board and SET on compliance matters and is accountable for overseeing compliance globally and managing the Group’s compliance programme.

Against the background of the key accountabilities set out in this section, the Board believes that adequate information was made available to it in order to identify the key risks and uncertainties facing the business, further information of which is set out in the Principal Risks and Uncertainties section.

Back to the top