By continuing to browse the site you are agreeing to our use of cookies. For more details about cookies and how to manage them, see our cookie policy.
Effective risk management is of critical importance for the operation of our business, shaping the Group’s strategy and protecting its stakeholders.
The Board has overall responsibility for risk management and determines the Group's risk strategy, assesses and approves risk appetite and monitors risk exposure consistent with strategic priorities. The Board has established a Group-wide system of risk management and internal control, which identifies and enables management and the Board to evaluate and manage the Group's emerging and principal risks.
Due to the limitations inherent in any system of internal control, this system provides robust but not absolute, assurance against material misstatement or loss and is designed to manage, rather than eliminate risk. The effectiveness of the Group's system of internal control is regularly reviewed by the Board as is the Group's risk management framework, with specific consideration given to material financial, operational and sustainability risks and controls and appropriate steps taken to address any issues identified. During 2023, no significant internal control failings were identified.
The Board has authorised the Audit Committee to oversee the risk management framework and the effectiveness of the Group's financial reporting, internal control and assurance systems. Each Board Committee provides updates on any risks considered within its remit when delivering regular updates to the Board.
The Board confirms that throughout 2023 and up to the date of approval of this Annual Report and Accounts, there have been rigorous processes in place to identify, evaluate and manage the emerging and principal risks faced by the Group, including those that would threaten its business model, future performance, solvency or liquidity.