Risk Committee

Meet our Risk Committee

About

Assisting the Board in its oversight of risk within the Group.

The main purpose of the committee is to assist the Board in its oversight of risk within the Group, with a focus on reviewing the Group’s risk appetite and risk profile in relation to solvency, liquidity, climate, operational, conduct and reputational risks and reviewing the effectiveness of the Group’s risk management framework (RMF).

The committee reviews the methodology and internal model used in determining the Group’s capital requirements and associated stress testing and the due diligence appraisals carried out on strategic or significant transactions.

In addition to the risks inherent in the Group’s investment portfolio, the committee reviews the Group’s operational risks, including significant changes to the regulatory framework. 

The committee works with the Remuneration Committee so that risk management and risk culture are properly considered in setting the Remuneration Policy and determining remuneration outcomes.

The committee also works closely throughout the year with the Audit Committee on risk and control matters.

The committee comprises independent non-executive directors.

Membership

Andrea Blance (appointed 21 February 2022) (Chair)1
Patrick Flynn (appointed 16 July 2019)
Jim McConville (appointed 01 December 2020)
Mohit Joshi (appointed 01 December 2020)
Shonaid Jemmett-Page (appointed 14 February 2022)
Ian Clark (appointed 11 March 2024)
Cheryl Agius (appointed 21 May 2024)
T.Neil Morrison (appointed 17 June 2024)

1 Acting Chair, subject to regulatory approval, from 10 May 2022, before being subsequently approved in that role

The following officers normally attend, by invitation, all meetings of the committee:

  • Group Chair
  • Group CEO
  • Group Chief Risk Officer
  • Chief Financial Officer
  • Chief Audit Officer.

Other members of senior management are also invited to attend as appropriate, to present reports.

Role and responsibilities

The committee assists the Board in its oversight of risk by undertaking the following:

  • Assessing the effectiveness of the Group’s risk management framework;
  • Assessing the effectiveness of the Group’s risk strategy;
  • Assessing the effectiveness of the Group’s risk appetite and profile;
  • Reviewing risk intelligent culture;
  • Assessing effectiveness of the methodology used in determining the Group’s capital requirements and stress testing these requirements; 
  • Assessing the adequacy of the Group’s system of non financial reporting controls;
  • Ensuring due diligence appraisals are carried out on strategic or significant transactions; and
  • Assessing compliance with regulatory requirements.
  • Assessing the effectiveness of our Cyber Security strategy.

With the Group Audit Committee:

  • consider the Group’s Risk and Control matters.

With the Board Remuneration Committee:

  • ensure that risk management is properly considered in setting remuneration policy;
  • in respect of the award of and vesting of any long-term incentives and deferred
  • awards, the application of any performance or other adjustments, and clawback and/or malus (including cash awards); and
  • promote a risk awareness culture for the Group.

Read the full terms of reference (PDF 127 KB) for our Risk Committee

Other committees