Risk management approach
Our risk management activities aim to drive performance aligned to our purpose, encourage growth through innovation and support the achievement of our strategic objectives. In doing this, we take a balanced approach that puts risk management at the core of the senior management agenda and more broadly across our operations. We are committed to managing risks in a proactive, efficient and effective manner to protect and enhance value, and provide assurance to the Board and our stakeholders.
The Board has overall responsibility for assessing the Company’s Principal Risks, setting risk appetite and monitoring risk management performance and the framework. The Board is supported by the activities of the Audit & Risk Committee which is responsible for reviewing the effectiveness of the Company’s risk management systems and processes.
Chaired by the Chief Executive and comprised of the Company’s executive leadership team. The GEC meets on a monthly basis and discusses risk as a standing agenda item with quarterly risk deep-dive reviews also scheduled. In this context, the GEC is responsible for monitoring key risks and ensuring the effectiveness of regional and functional risk management and, as such, the GEC has subsumed the former work of the Group Risk Committee (GRC).
Functional and regional leadership teams are responsible for ensuring their risks are captured and are being effectively mitigated within business-as-usual processes. Risk management is a standing agenda item for leadership team meetings.