Overall responsibility for risk management rests with our 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, and in consideration of threats from the external environment. This is supported by a clear risk management framework, covering the following areas: • Roles and responsibilities of key committees and stakeholders • Methods for defining, identifying, measuring and recording key risks • Our response to risk, considering risk appetite at both an individual and aggregate risk level • Approach to incidents and risk events. We have a central risk management function responsible for managing and developing the framework and regular monitoring and reporting. The framework is continually developed and enhanced, from an operational through to a strategic level, with a focus on the links between the risk register, key risk indicators, KPIs (key performance indicators) and risk appetite. The Board level risk register currently comprises principal risks under the domains of Customer, Safety, Financial, Legislative, Strategic, People and Culture, Regulatory and Reputational. New and emerging risks are included in the register as they arise. All entries that are held on our organisational risk register have in place one or more key risk indicators. A network of operational risk registers is in place to cover all key functions in the business, and to identify and manage cross-cutting risk themes. We utilise a recognisable ‘Four-tier Assurance Framework’ in managing significant risks and uncertainties comprising management checks and controls (Tier 1), compliance and improvement functions (Tier 2), business assurance and risk (Tier 3) and external assurance provided by third parties (Tier 4). Anchor did not receive any relevant findings in 2022-23. The maximum tenure is nine years, made up of three periods of three years, in accordance with the UK Corporate Governance Code. 89% of the Board were non-executive directors as at 31 March 2023 - eight out of nine board members. The Board also includes the Chief Executive.
C29 Approach to organisational risk management
C30 Adverse regulatory findings in the last 12 months C33 Maximum tenure for Board members C34 % of Non-Executive Directors on the Board
54
Made with FlippingBook - PDF hosting