Principal and emerging risks
The Company's principal risks are published in our annual report and financial statements, with updates on status and any emerging risks included in our preliminary and interim results statements. These can be found here.
Risk assessment framework
The Company has a clear framework in place to continuously identify and review both its principal and emerging risks. This includes, amongst others, a detailed assessment of each business and functional teams’ principal risks and regular reporting to and robust challenge from both the Executive Team and Audit Committee. The Directors’ assessment of the Company’s principal risks is aligned to the strategic business planning process. Specifically, key risks are plotted on risk maps with descriptions, owners, and mitigating actions, reporting against a level of materiality (principally relating to impact and likelihood) consistent with its size. These risk maps are reviewed and challenged by the Executive Team and Audit Committee and reconciled against the Company’s risk appetite. As part of the regular principal risk process, a review of emerging risks (internal and external) is also conducted and a list of emerging risks is maintained and rolled-forward to future discussions by the Executive Team and Audit Committee. Where appropriate, these emerging risks may be brought into the principal risk registers. Additional risk management support is provided by external experts in areas of technical complexity to complete our bottom-up and top-down exercises.
As part of the Board’s ongoing assessment of the principal and emerging risks, the Board has considered the performance of the Company and its ancillary businesses, its markets, the changing regulatory landscape and the Company’s future strategic direction and ambition. Risks are still subject to ongoing monitoring and appropriate mitigation.
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