We recognise our responsibility to foster a strong ethical environment within Maitland to ensure that our business affairs are conducted with integrity and in accordance with our values and high standards of personal and corporate conduct.

Our governance and compliance responsibilities are structured using a governance framework which is managed by our Board, and starts with a code of corporate governance. Formal governance structures and committees assist the Board in discharging its governance, risk and compliance duties.

Maitland’s three layers of defence approach

We embrace and apply a three layers of defence approach in defining responsibility and accountability for risk management.

First line of defence: Business Unit Management

We support the notion that risks need to be owned and managed where they are best understood – which is at the business unit level. Business unit heads assume primary responsibility for identifying and managing risks in their business areas, and are best placed to design pragmatic control solutions that meet their unique operating requirements. Management has oversight of operational activities and are responsible for executing the services offered to Maitland’s clients.

Second line of defence: Risk, Legal, Compliance and Information Security

The Risk, Legal, Compliance and Information Security functions are responsible for implementing the firm’s Legal, Risk Management and Compliance programmes and policies, partnering with the business to identify and assess risks, respond to risks, and drive risk and regulatory monitoring and reporting.

The activities of the group risk function are governed by a formal risk management policy, framework and plan.

Third line of defence: Internal Audit

Internal Audit provides the governing body and senior management with comprehensive assurance based on the highest level of independence and objectivity within the organisation. Internal Audit provides assurance on the effectiveness of governance, risk management, and internal controls, including the manner in which the first and second lines of defence achieve risk management and control objectives.

The Internal Audit function provides independent assurance in relation to management’s assertions to the Board surrounding the adequacy and effectiveness of governance, risk management, compliance and control. Internal Audit operates subject to a charter with independent reporting lines to the Group’s Audit Committee. We are subject to an external audit annually.

Find out more about our assurance and oversight practices in Fund Services.

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