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| Risk management |
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Risk disclosures provided in line with the requirements of International Financial Reporting Standard 7 Financial Instruments: Disclosures (“IFRS 7”), and disclosures on capital |
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| required by International Accounting Standard 1 - presentation of financial statements (“IAS 1”) are included within this section of the annual report with further disclosures provided within the financial statements section. All sections, paragraphs, tables and graphs on which an audit opinion is expressed are marked as audited. |
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| Philosophy and approach |
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The group recognises that an effective Risk management function is fundamental to its business. Taking international best practice
into account, our comprehensive Risk management process involves identifying, understanding and managing the risks associated
with each of our businesses.
Risk awareness, control and compliance are embedded in our day-to-day activities.
Group Risk management (part of Group Services) independently monitors, manages and reports on our risk as mandated by the
board of directors through the Board Risk and Capital Committee. Business units are ultimately responsible for managing risks that
arise.
We monitor and control risk exposure through credit, market, liquidity, operational and legal risk reporting teams. This approach is
core to assuming a tolerable risk and reward profile, helping us to pursue growth across our business.
Group Risk management operates within an integrated geographical and divisional structure, in line with our management
approach, ensuring that the appropriate processes are used to address all risks across the group. Group Risk management has
specialist divisions in the UK, South Africa, Australia and smaller risk divisions in other regions to promote sound Risk management
practices.
Group Risk management divisions with international responsibility are locally responsive yet globally aware. This helps to ensure
that all initiatives and businesses operate within our defined risk parameters and objectives. Group Risk management continually
seeks new ways to enhance its techniques. |
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| Group Risk Management's objectives |
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| Group Risk Management's objectives are to: |
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Be the custodian of our Risk management culture. |
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Set, approve and monitor adherence to risk parameters and limits across the group and ensure they are implemented and
adhered to consistently. |
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Aggregate and monitor our exposure across risk classes. |
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Co-ordinate Risk management activities across the organisation, covering all legal entities and jurisdictions. |
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Give the boards reasonable assurance that the risks we are exposed to are identified and, to the best extent possible, managed
and controlled. |
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Facilitate various risk committees, as mandated by the board. |
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