THE COMMITTEE.


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Members

 

Nick Prettejohn

Committee member since 2 November 2010,
Chair of the Committee since 6 April 2011

Dame Clara Furse

Committee member since 14 April 2010

Rudy Markham

Committee member from 14 April 2010 to 1 July 2011

Henry Staunton

Committee member since 14 April 2010, Chair of the Audit Committee

John Stewart

Chair and member of the Committee from 14 April 2010 to 6 April 2011

James Strachan

Committee member from 14 April 2010, retired 25 May 2011

Stuart Popham

Committee member since 1 July 2011

MEMBERSHIP AND INDUCTION

Membership of the Group Risk Committee comprises four non-executive directors.

On appointment to the Board, directors participate in a detailed induction programme which is outlined in more detail in the Induction programme section. This induction covers the role of the Committee and its terms of reference. Where a new director joins the Committee, their induction extends to include a more detailed briefing session with the Group Chief Risk Officer on topical issues for the Committee, for example, key areas of current focus and emerging risks.

GROUP CHIEF RISK OFFICER

The Committee’s primary role is to provide guidance to the Board in relation to the Group’s risk management policies and procedures, and to provide advice on what constitutes acceptable risk taking. This assists the Board in setting the risk appetite for the Group. The Group Chief Risk Officer performs an important role in the Group’s risk management framework, which is described in more detail in the Risk Management section. The Group Chief Risk Officer reports to, and has unfettered access to, the Committee. The Committee must approve the appointment or removal of the Group Chief Risk Officer.

MEETINGS

The Group Chairman, Group Chief Executive, Group Chief Financial Officer, Group Chief Risk Officer, Group Chief Internal Auditor and the lead partner of the external auditor, PricewaterhouseCoopers LLP, regularly attend all meetings, although the Committee reserves the right to request that they withdraw at any time. Business representatives are invited to present individual reports, and the Committee values these opportunities to directly question those closest to the relevant business area.

The Committee met four times during 2011. The areas of focus during 2011 are summarised in the table in the Areas of focus during 2011 section. The Committee operates under formal terms of reference and these are reviewed annually. The current terms of reference for the Committee are available on our website.

The Chairman of the Committee reports back to the Board on the outcome of meetings, and the Board receives the minutes of all Committee meetings.

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