Strategic Report
Governance Report
Financial Statements
Other Information
Risk and Compliance Committee report
Chair comment
The commonality in the membership of each Committee ensures effective management of any remaining risks. The Committee considers best practice, taking into account requirements of the Corporate Governance Code, where appropriate, and those of the FCA and other relevant regulatory bodies, including guidance on risk management and internal controls, as well as other requirements set by the Board. The full responsibilities of the Committee are set out in the Committee’s Terms of Reference, which are reviewed annually and available on the Group’s website. Composition and meetings The Committee comprises only independent Non-Executive Directors. The members include Robert Burgess, John Linwood, Dagmar Kershaw and James Rawlingson. Robert Burgess was the Chair of the Committee during the year. Collectively, the Committee considers that its membership has the appropriate expertise to discharge its responsibilities effectively, including relevant wealth management, financial, risk management, compliance, regulatory, legal, and cyber and resilience experience. The Committee’s attendance during the year ended 30 June 2024 is set out in the summary table on page 68.
As Chair of the Risk & Compliance Committee, I am pleased to present the Committee’s report for the year ended 30 June 2024. Our risk governance and risk processes are designed to enable our firm to manage risk effectively, avoiding foreseeable harms for clients and support the delivery of our strategic objectives in a sustainable way. Working with the new CRO, the Committee has become more outcome-focused enabling the Committee to provide greater oversight of management and support to the Board. Over the past year, the Committee has supported this through its continued focus on ongoing geopolitical challenges and the uncertain macroeconomic climate. The Committee has also focused on the UK’s regulatory agenda, notably further embedding the Consumer Duty and the Taskforce on Climate-related Financial Disclosures (“TCFD”), as well as the Group’s idiosyncratic risks. Role and responsibilities The Committee assists the Board in meeting its risk management, regulatory, compliance and internal control responsibilities. In discharging these governance responsibilities, the Committee Chair liaised closely with the Chair of the Audit Committee to ensure a clear allocation of responsibilities between the two Committees, ensuring governance completeness across the risk landscape.
The firm maintained its focus on key risks that may impact the Group, further enhancing resilience and embedding key regulatory initiatives, such as Consumer Duty.” Robert Burgess Risk and Compliance Committee Chair
Read more about our principal risks on pages 39 to 42
Brooks Macdonald Group plc Annual Report and Accounts 2024
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