'Robust risk management processes and systems are essential to ensure sustainable performance for all our stakeholders, and it is the role of the Risk Committee to oversee the substantive assessment of the principal risks facing the Group. Throughout 2018 the committee reviewed the principal risks and assessed the processes and controls in place to mitigate those risks.'
Paul Spence, Risk Committee Chairman
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. 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.