The two key roles the Board of Directors should play in relation to risk management and internal controls are:

1. Setting the Risk Management Strategy and Risk Appetite:
   According to the UK Corporate Governance Code and the Ghana Code of Best Practices, the Board is responsible for determining the overall risk management strategy of the company. The Board must define the level of risk that NSL is willing to accept (risk appetite) in pursuing its business objectives. By setting clear guidelines on acceptable risks, the Board ensures that management operates within the company’s risk tolerance and implements effective controls to manage risks appropriately.
2. Oversight of the Risk Management Framework:
   The Board of Directors must provide oversight of the risk management framework and internal controls put in place by management. This includes regularly reviewing the effectiveness of the risk management systems and ensuring that internal controls are working as intended to mitigate identified risks. The Board should ensure that the company has appropriate processes in place to monitor, manage, and report risks regularly.

(Marks allocation: 2 points @ 2.5 marks each = 5 marks)