The role of the Committee was authorised by the Board and its main duties are listed below:
- Advising the Board of the Company’s overall risk appetite, tolerance and strategy and overseeing the risk exposures of the Company and its future risk strategy.
- Keeping the Company’s overall risk assessment and internal control processes under review including an annual assessment of effectiveness, and ensuring that both qualitative and quantitative metrics are used which cover financial, operational and compliance controls.
- Setting a standard for the accurate and timely monitoring of large exposures and certain risks, which the Company believes are of critical importance.
- Reviewing the adequacy of operational resilience and business continuity arrangements over the Company’s provision of services.
- Reviewing the performance of the risk management function and the compliance function and ensuring they have adequate resources.
- Keeping under review the performance of the CRO and GHoC.
- Working with management to ensure the Company’s purpose, values and risk culture expectations are appropriately embedded in the Company’s risk strategy and risk appetite, and are reflected in observed behaviours and decisions.