Our Responsibilities Risk management
Identifying, assessing and prioritising risk allows us to minimise and control the impact of negative events, and to maximise opportunities to grow the business in a sustainable way.
We have a new, formal framework to allow us to identify and manage business risk.
It allows risks to be identified at departmental risk workshops and cross-referenced against a historic database of business risk to help us make our approach as comprehensive as possible. We have adapted our risk management to include an 'impact matrix', so that risks are no longer assessed in purely financial terms.
Risk registers are submitted to our Propriety department for review on a quarterly basis. They can be referred, if required, to the Risk Management Committee (RMC). Once RMC approval is given, the risks are provided to the Audit, Risk & Security Committee (AR&SC) for formal approval.
The Head of Propriety is responsible for maintaining the corporate risk registers and sits on the Corporate Responsibility Board.
