In the course of its business activities, the Group is exposed to a variety of risks, including financial, operational and compliance. Overall management of these risks is the responsibility of the Board, although the Audit Committee plays a key role in overseeing the Group’s risk management framework.

A Group Risk Manager supports the Board, Audit Committee and Management in their respective risk management roles, and co-ordinates risk assessment and identification activities, in order to ensure the development of appropriate responses to identified risks.

The Board has established a risk management framework, which comprises risk identification and assessment processes, together with risk response and monitoring activities.  The framework is designed to provide assurance that risks are being identified and managed in an appropriate manner.