• Risk Management Function • Compliance Function • Internal Audit Function REGULATORS EXTERNAL AUDIT Support and Challenge MANAGEMENT COMMITTEE / RISK FORUMS BOARD Validate and Challenge 1 LoD & 2LoD First Line of Defence Management Second Line of Defence Risk Oversight (Risk & Compliance Functions) Third Line of Defence Internal Audit BOARD SUB-COMMITTEES Roles and Responsibilities – Three Lines Model To create a robust control environment to manage risks, the Group has adopted the three lines model. The overarching principle of the model is that the risk management capability must be embedded within the business to be truly effective. This ensures clear risk ownership, with each line of defence responsible for identifying, managing, and mitigating risks at their respective levels. • Management of Business Units • Management Committee Forums (MANCO) Our Risk Management Process The Group has processes in place to identify, assess, monitor, manage and report risks, ensuring we operate within our defined risk appetite. Our risk assessment process combines a ‘top-down’ and ‘bottom-up’ approach, to incorporate risks of allowing us to address risks at both strategic and operational levels. This dual approach ensures that all potential risks are considered, from high-level strategic threats to day-to-day operational challenges. The operationalisation of our risk framework is supported by the oversight of the Risk Management Committee, which provides strategic guidance, as well as various Management Committees that focus on specific areas of the business to address risks in a more targeted manner. 79 Introduction Group Overview Leadership Strategy & Performance Risk Management Corporate Governance Statutory Disclosures Financial
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