The approach to risk management is communication throughout the organisation and supported by explicit ownership of the risks and a clear allocation of responsibility for their day to day management.
The organisation has a process by which it can identify, assess and mitigate the significant risks to the achievement of its business objectives.
The organisation has a process for monitoring its risk profile and identifying and responding to significant issues and events. The risk profile is a key input to setting and re-setting business objectives, policies, risk appetite and the internal control environment.
The organisation’s risk management framework is integrated with the capital modelling process and methodology, allowing management effectively to assess overall capital needs, enhance capital allocation and measure the return on risk.
