JUST GROUP PLC Annual Report and Accounts 2020
76
GROUP RISK AND COMPLIANCE COMMITTEE REPORT
I am pleased to present the Group Risk and Compliance Committee Report for the year ended 31 December 2020
The report outlines the work of the Group Risk and Compliance Committee (the “Committee”) during the year. ROLES AND RESPONSIBILITIES The Committee’s purpose is to assist the Board in discharging its responsibility to maintain effective systems of risk management, compliance and internal control throughout the Group. The Board has delegated responsibility to the Committee for overseeing the risk management and internal control frameworks of the Group, and regulatory compliance. The Committee plays a key role in providing effective oversight and challenge on the continued appropriateness and effectiveness of the risk management and internal control framework and risk strategy, and the principal and emerging risks inherent in the business. The Committee also oversees the results of capital and liquidity modelling and assesses how these may affect the likely achievement of the Group’s strategic objectives and continued viability of the business. The Committee is responsible for considering the above matters from the perspectives of the Company and each of the Group’s life companies, Just Retirement Limited (“JRL”) and Partnership Life Assurance Company Limited (“PLACL”), as well as from the perspective of any other Group entity as appropriate. The Committee works closely with other committees, in particular the Group, JRL and PLACL Audit Committees, and the JRL and PLACL Investment Committees. The cross membership between Board committees promotes a good understanding of issues and efficient communication. The full responsibilities of the Committee are set out in the terms of reference, which are reviewed annually and can be found at www.justgroupplc.co.uk. COMMITTEE MEMBERSHIP AND MEETINGS The members of the Committee during the year are shown in the table below. John Hastings-Bass replaced Chris Gibson-Smith as a member following their respective appointment and retirement as Directors in August 2020. Kalpana Shah joined as a member on 1 March 2021. Biographies of the Committee members can be found on pages 56 to 59. Non-Executive Directors who are not members of the Committee were also invited to attend and contributed, at the invitation of the Chair, to the challenge and debate. The Group Chief Executive Officer, Group Chief Financial Officer, Group Chief Risk Officer and Group Chief Actuary attend all meetings. Other Group executives and senior managers were invited to attend the meetings to report, where appropriate, on their areas of responsibility. Attendance
KEITH NICHOLSON Chair, Group Risk and Compliance Committee
scheduled meetings
Committee members Keith Nicholson (Chair)
6/6 6/6 4/4 2/2 6/6 6/6
Ian Cormack
Chris Gibson-Smith1 John Hastings-Bass2
Steve Melcher
Clare Spottiswoode
1 Resigned as a Director on 13 August 2020. 2 Appointed as a Director on 13 August 2020.
There were four quarterly meetings for regular risk and compliance reports and two meetings for in-depth reviews of specific risk issues during 2020. The Chair of the Committee holds regular private meetings with the Group Chief Risk Officer to ensure that all significant areas of risk are considered and that risk management is embedded within the business. At each quarterly meeting the Committee sets aside time to meet without management present or with only the Group Chief Risk Officer present, as necessary. The effectiveness of the Committee was reviewed as part of the annual Board effectiveness review which took place in February 2021 and the Board was satisfied with the Committee’s performance.
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