'The committee’s role is to ensure that risk management is embedded into the Group’s processes and that there is a robust risk management framework in place that is able to identify and manage the principal and emerging risks of our business. Effective risk management is key to ensuring the long-term sustainability of the business for all our stakeholders.'
Roles and Responsibilities
Formed in 2013, the Risk Committee advises the board on the Group’s overall risk appetite, reviews and approves the Group’s risk management strategy, advises the Audit Committee and the board on risk exposures and reviews the level of risk within the Group, in relation to principal and emerging risks. The Risk Committee also assesses the effectiveness of the Group’s risk management systems and reports thereon to the Audit Committee.
The committee’s composition ensures that a broad set of skills and experience comes together to consider how the Group manages risk in the business. The committee’s terms of reference have been reviewed in light of developing practice and the new Code and to ensure that the committee’s composition, which consists of both non-executive directors and executive directors remains compliant with the Code principles. This also includes ensuring that there are methods for reporting and for the escalation of significant emerging risks which may be critical to the company.