Corporate governance best practice

The UK Corporate Governance Code specified: nomination, remuneration and audit committee. The code applies on a comply or explain basis only to listed companies. To quote the Code with regard to a risk committee: "The board should establish an audit committee of independent non-executive directors...... The main roles and responsibilities of the audit committee should include:...... ...reviewing the company’s internal financial controls and internal control and risk management systems, unless expressly addressed by a separate board risk committee composed of independent non-executive directors, or by the board itself; That's the only mention of the risk committee in the Code.