Trustees 2011_Layout 1 - Victoria and Albert Museum
Trustees 2011_Layout 1 - Victoria and Albert Museum
Trustees 2011_Layout 1 - Victoria and Albert Museum
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p20Risk managementThe Friends of the V&A’s systems of internalcontrol are designed to provide reasonable, butnot absolute, assurance against materialmisstatement or loss. They include:• A strategic plan <strong>and</strong> an annual budget prepared by the <strong>Trustees</strong>;• Regular consideration by the <strong>Trustees</strong> of financial results,variance from budget, non-financial performance indicators<strong>and</strong> benchmarking reviews;• Delegation of authority <strong>and</strong> segregation of duties; <strong>and</strong>• Identification <strong>and</strong> management of risks.The <strong>Trustees</strong> have implemented a formal riskmanagement process designed to assess risks <strong>and</strong>implement risk management strategies. The riskregister is formally reviewed annually, with the riskregister being considered by the <strong>Trustees</strong> periodically.the FRIENDS OF THE V&A REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH <strong>2011</strong>
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