Risk management

Our Board have responsibility for risk management, and it’s a key factor in achieving our strategic objectives. This work includes: 

• Establishing a culture of effective risk management
• Being responsible for maintaining appropriate systems and controls
• Setting the risk appetite and determining the policies and procedures that are put in place to mitigate our exposure to risks
• Ownership of the risk review process, including emerging risks, scenario planning and detailed stress testing

We follow a formal process to identify, assess and analyse risks, and we include those of a potentially significant nature in the Group Risk Register.

The Group Risk Register is updated by our Executive Team at least every six months, and the Board reviews the overall process regularly. We include a full analysis of each risk in the register and nominate risk owners to assess and manage the risk. KPMG LLP, as our internal auditor, attends the risk review meetings alongside Deloitte LLP, our external auditor.

You can find more information about how we manage risk, and our main risks, in our latest Annual Report – download the relevant section below: