Risk Management

A continuous process for identifying, evaluating and managing the significant risks faced by the Group continued to be applied and developed during the year under review and operated up to the date of approval of the Annual Report and Accounts. Details of the processes used are explained in the Statement of Principal Risks and Uncertainties on pages 26 and 27 of the Annual Report & Accounts.

Following the risk identification process the major risks are reported into the Audit Committee and Board by the Group Finance Director.

The top 11 risks identified are described in the Statement of Principal Risks and Uncertainties on pages 26 and 27 of the Annual Report & Accounts. Internal financial audits are undertaken on a regular basis by a selected group of accountants drawn from head office and across the divisional businesses and geographic centres. All these accountants participate in a training programme which covers internal audit, best practice and control procedures.

Work will continue to further embed internal control and risk management in the operations of the business and to further enhance and add to the relevant processes.