64 | Just Group PLC | Annual Report and Accounts 2023
RISK MANAGEMENT The Group’s enterprise-wide risk management strategy is to enable all colleagues to take more effective business decisions through a better understanding of risk.
EMBEDDING GOVERNANCE VIA THREE LINES OF DEFENCE
1 st LINE
BUSINESS OPERATIONS The first level of the control environment is the business operations which perform day-to-day risk management activity.
RISK AND CONTROL • An established risk and control environment
2 nd LINE
OVERSIGHT FUNCTIONS Oversight functions in the Company, such as Risk Management and Compliance, support the Board in setting risk appetite and defining risk and compliance policy. RISK AND CONTROL • Oversight of the risk and control environment • Independent challenge and reporting on the risk profile and conduct of the business • Monitoring actions being taken to mitigate risk
3 rd LINE
INDEPENDENT ASSURANCE Internal Audit is the third line of defence, Offering independent challenge to the levels of assurance provided by business operations and oversight functions.
RISK AND CONTROL • Provide independent challenge and assurance
Powered by FlippingBook