The Board is responsible for overseeing the management of TML for the benefit of shareholders including:
- Approval off business strategy
- Monitoring achievement of business objectives
- Overseeing corporate compliance and risk management
- Advising the management team on areas of Director responsibility.
TML’s risk management is integrated into management processes such as business planning, systems design, programme/project management, operational activities and management reporting. TML applies four approaches before decisions are made.
- Tolerate: an assessment of the costs to manage or mitigate a risk may outweigh the benefits to be gained, so a decision is made to accept the risks as it stands
- Treat: internal systems or processes are put in place that reduce the risk to suitable levels
- Transfer: an external party takes on the risk
- Terminate: the activity undertaken or contemplated is stopped due to the risks being too high.