Risk and internal controls Our trustees are responsible for the effective management of risk and for making sure that internal controls are in place and operating as designed. The audit and risk committee and the trustee board conducted their annual review of our risk management strategy and policies. Throughout the year, risk owners regularly reviewed divisional and strategic risks to assess the likelihood, impact and appetite for each risk, the plans for managing them and the adequacy of those plans. We operate a robust system of internal financial controls which is fully compliant with Charity Commission guidance and good practice. The executive team and trustee board review and agree on budgeting systems and financial reports. Internal audit plans are informed by an analysis of the organisational risk profile. The audit and risk committee keeps a central record of all audit recommendations and monitors progress. On a quarterly basis, the audit and risk committee and trustee board assess the principal risks facing Citizens Advice. Our key risks and uncertainties, along with the trustee board’s plans to mitigate and manage them, are set out below, with additional commentary where relevant about how Covid-19 affects the principal risks and uncertainties. 51 Risk and internal controls