The role of the Audit and Risk Committee is to provide governance oversight of the IMI’s external and internal financial reporting processes, including to oversee the external audit, assess and monitor the budget and ensure accuracy and compliance with regulations and ethics. To assess the principal risks to which the IMI may be exposed and the adequacy and robustness of the internal control environment to mitigate those risks.  To advise the Board on an appropriate risk appetite for the IMI for new investments and oversee external professional investment advisers.