The Board of Directors (via distinct Board Committees and the full Board) is responsible for the formulation of the Company’s risk management strategy and policy as well as the definition of risk appetite and risk tolerance statements. On a quarterly basis, the Board will review the risk strategy, related policies, and risk appetite/tolerance statements to ensure that they are comprehensive, appropriate, effective, and consistent with the realities of the Company’s internal and external business environments.
The Executive Team is responsible for the implementation of risk management strategy and policies and for the embedment of a risk management culture in the Company. The Team is also responsible for providing the tools, resources, and internal controls to ensure compliance with the Risk Appetite and Risk Tolerance limits. The General Counsel provides the focal point within the Executive Team for risk management and liaises directly with the Enterprise Risk Management function of the Company.
The Enterprise Risk Management function is responsible for providing independent functional oversight for internal audit and risk management within the Company. The Head RM reports directly to the MD/CEO with dotted-line reporting relationships to the Board Risk Management and Governance Committee.
Functional Leaders across all segments of the business are responsible for managing risks that are related to their specific business functions.