Managing The Business

Managing Braxton Group Business

We have created an environment of innovation and freedom to make swift decisions, across a flat management structure with clear internal and financial controls.

• Internal control
Our management structure and formal communications process encourages accountability and knowledge sharing across the firm, ensuring that management are responsive to issues and trends within the business and the wider market place.

• Board
The Board is responsible for establishing and maintaining an effective system of internal control, including but not limited to the safeguarding of assets against unauthorised use or disposition; maintaining proper accounting records; and the reliability of financial information deployed by the firm. The key mechanisms used by the Board to achieve this include regular reports from the Executive Management Board; periodic updates from the Audit Committee based on its review of risk management and internal audit reports by the relevant group functions; discussions with and reports from the external auditors, and regulatory reports.

• Executive Management Board
The Executive Management Board has responsibility to set, communicate and monitor the application of policies, procedures and standards in areas including operations; finance; legal, commercial and regulatory compliance; human resources and health and safety; information security; property management and the environment. They will delegate operating responsibility to their respective Managing Directors and local management teams.

• Monthly Operational Board reviews
We maintain regular communication via our Monthly Operational Board (MOB) review where management teams assess financial performance and discuss the ongoing development of the business. Comprehensive financial plans are prepared by each business unit and reviewed and approved at both Divisional and Company level. Results are monitored routinely by means of comprehensive management accounts and actual progress against plan is challenged directly and in detail by Executive Directors.

Expenditure is subject to rigorous budgetary control and where it exceeds specified levels, detailed written proposals have to be submitted to the Board. Expenditure on acquisitions is the subject of appropriate consideration, review and approval by the Board.

• Risk assessment & mitigation
Systems and procedures are in place across the Group to identify, assess and mitigate major business risks, including but not limited to: credit, liquidity, operations, reputation, regulatory and fraud.

The Group’s exposure to risk is examined as an integral part of the MOB review. Risk management disciplines are also monitored and developed by a Group Risk Management function working at an operational level. This function maintains appropriate and effective processes to meet the continually evolving requirements of the Group. It is supported by an internal audit function, which focuses on those areas determined as highest risk by the risk identification and assessment process.

The Audit Committee routinely monitors the internal controls that are in force and any perceived gaps in the control environment. The Audit Committee also determines relevant action in respect of control issues raised by the internal auditors.