Our risk framework helps us achieve our objectives and protect the interests of our stakeholders.
Our risk appetite and approach
We set clear limits on the degree of risk we’re willing to take, known as our risk appetite.
This helps us continually manage the risks involved in meeting our core objectives of paying the right people the right amount at the right time and delivering exceptional service to our members.
How we monitor risk
Our risk appetite is set and reviewed by the Board, then monitored by the risk directorate and formal committee groups.
Each team manages its own risk and has its own processes. Our risk teams then help to ensure that our directors are acting on critical information and that the Board has a clear view of its enterprise risks.
This includes monitoring what claims we may have in future and ensuring we have sufficient funds to cover them.