Internal Controls

The Board attaches considerable importance to NEOVIA Financial’s system of internal control and risk management and has established a continuous process for identifying, evaluating and managing the significant risks NEOVIA faces.

NEOVIA Financial’s exposures to risk and changing environments within the industry are closely monitored by a specialist internal audit team, with the assistance of an in-house legal team, which together are able to assess and react to such changes.

A direct line of communication between the Audit Committee and the internal audit team enables close monitoring of the work carried out by these specialist teams and combined with frequent communication with NEOVIA Financial’s external auditors, this ensures that sufficient controls for managing risks are in place in line with the Code. Risk management covers operations, security, compliance, finance and strategy. The Audit Committee, acting on behalf of the Board, monitors these areas closely, and applicable matters are reviewed at meetings of the Audit Committee. However, internal controls are designed to manage rather than eliminate the risk of failure to achieve business objectives, and the Board recognises that any system can only provide reasonable and not absolute assurance against material misstatement or loss. Find out more about the Internal Audit function.

NEOVIA Financial also operates a comprehensive accounting and budgeting system, which is reported and analysed on a monthly basis. Variances between forecast and actual results are analysed thoroughly to ensure that any material differences are investigated immediately.

In addition, NEOVIA Financial has adopted a model code for dealings in securities of NEOVIA by “relevant employees” of NEOVIA Financial, and Directors of NEOVIA Financial Plc or one of its subsidiaries or affiliates. This code is appropriate for an AIM-quoted company. Further, the Directors will also continue to comply with AIM Rule 19 relating to directors’ dealings and will take all reasonable steps to ensure compliance by NEOVIA Financial, and NEOVIA Financial’s applicable employees.