There are a number of broad organizational factors which drive the efficiency and effectiveness of risk management processes. The principal risk management enablers are:
Risk culture :
We remain conscious of the uncertainty of business outcomes and disciplined in our assessment and clients management of that uncertainty. We take responsibility for and collaborate in the identification and management of risk in the pursuit of stakeholder interest. We encourage risk taking within controlled boundaries where the expected rewards exceed the expected cost of that risk.
People & skills :
We value the skills and experience of our people as a major contributor to the effectiveness of our risk management processes and of our ability to respond effectively to adverse events. We expect our business managers to achieve defined standards in their understanding of risk and risk management processes, in line with their level of responsibility and seniority. We train and develop our people to ensure we have depth of knowledge and skills and are not overly reliant on a small number of experts.
We maintain our physical and systems infrastructure to ensure it is reliable and fit for purpose, recognizing that failures can have very serious consequences for our stakeholders. We ensure that our infrastructure and processes are sufficiently scalable to accommodate anticipated volatility and growth.
Information & data quality :
We recognize the importance of making available, timely, complete and accurate information that will underpin the quality of our risk management decision. We inform our decisions objectively and maintain high standards of consistency and quality for our business and reference data.