Effective processes and procedures
The Board has ultimate accountability for the execution of the Governance, Risk and Compliance Framework through the Company’s risk management systems and internal controls, with the Executive Management Team and the Risk Management Committee responsible for overseeing execution of risk management throughout the Group.
The Risk Management Committee provides assurance regarding the management of Group and operational risks. The Financial Assurance Committee provides assurance regarding the management of financial risk. The newly formed ESG Committee also provides oversight of the climate-related risks.
The Board has delegated responsibility for the detailed monitoring and reviewing of the effectiveness of the Group’s internal control and risk management systems to the Audit Committee, and the oversight of the management of operational risk to the Risk Management Committee, both of which report their findings to the Board. Assurance over the effectiveness of these systems is provided by regular management reporting to the Audit Committee.