WE BELIEVE THAT RISK IS BEST MANAGED BY A COMBINATION OF THE FOLLOWING:
Whilst we have formal processes for identifying, assessing and reviewing risk, the Board as a whole takes responsibility for the management of risk throughout the business. In addition, our Principal Risks and Uncertainties oversees the risk management process as part of its activities.
The Board confirms that:
The table below sets out how responsibility for risk management is allocated and how that responsibility is discharged:
COLLECTIVELY RESPONSIBLE FOR MANAGING RISK
OVERSEES RISK MANAGEMENT PROCESS
REVIEWS PRINCIPAL RISKS
MEMBERS RESPONSIBLE FOR MANAGING RISK WITHIN THEIR AREAS OF ACCOUNTABILITY
ENSURES THAT RISK MANAGEMENT PROCESSES ARE ADHERED TO