Risk Management Risk awareness and management are an integral part of management practice and culture, informing the organisation’s values, processes and ways of working. Overall responsibility for risk management rests with Anchor’s Board, which reviews risk on a regular basis and ensures that the aggregate level of net risk is acceptable in light of our strategic aims and objectives. This is supported by a clear risk management strategy, covering the following areas: • Roles and responsibilities of key committees and stakeholders to ensure an effective risk management framework is in operation. • Methods for defining, identifying, measuring, and recording key risks to Anchor’s objectives are in place and adopted in a consistent manner across the business. • Anchor’s response to risk, considering risk appetite at both an individual and aggregate risk level. • Approach to incidents and risk events.
Raising Concerns During the period, ARC has received quarterly updates on whistleblowing and reviewed the Whistleblowing Register. Anchor’s Raising Concerns Framework sets out, in one place, all the various channels through which colleagues, customers and third parties can raise concerns or complaints about activities within Anchor. Whistleblowing is just one of these channels. Other examples are safeguarding, grievance and complaints. The key principles of the Raising Concerns Framework are that: • Concerns can be raised through established organisational processes. • Concerns will be taken seriously and will be investigated appropriately. • Appropriate action will be taken where failures or wrongdoing are identified. • Concerns can be raised without fear of reprisal. • A strong system of governance is in place to monitor and ensure the on-going effectiveness of the routes through which concerns can be raised. An internal audit on raising concerns was completed during the year. ARC is overseeing completion of the recommendations, the majority of which were complete at year end. The ARC chair is the Board Whistleblowing Champion - being the designated Board member for oversight and escalation of whistleblowing matters within the organisation. Where appropriate, ARC or the ARC Chair may direct that concerns be referred to an outside agency for further investigation or be escalated to the Board (or dependent on the subject matter another Board committee such as SQC) for enhanced scrutiny. Fraud ARC receives quarterly reports of any fraudulent activity perpetuated against the organisation or its customers. It also reviews the measures in place for dealing with such activity, where appropriate ensuring external agencies are notified. There were no material losses due to fraud in the financial year. ARC effectiveness The committee carried out its annual review of performance in March 2024. The outcome was positive. No performance issues were identified which were not already being addressed by actions arising from the wider Board performance review.
42 Anchor Hanover Group Annual Report & Financial Statements 2024
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