Just Annual Report and Accounts 2022

Just group PLC | Annual Report and accounts 2022

GROUP RISK AND COMPLIANCE COMMITTEE REPORT

COMMITTEE ROLE The Group Risk and Compliance Committee (the “Committee”) is responsible for assisting the Board in discharging its responsibility to maintain effective systems of risk management, compliance and internal control throughout the Group. 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 of the principal and emerging risks inherent in the business including climate risk and conduct risk. The Committee is also responsible for the oversight of regulatory compliance matters. The Committee is responsible for considering the above matters from the perspectives of Just Group plc (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 . REVIEW OF THE YEAR Six scheduled meetings and one unscheduled meeting were convened during 2022. Four of the scheduled meetings focused on regular risk and compliance reports and two meetings were to allow time to review a range of risk and compliance matters and certain key risk documents. There was one unscheduled meeting to consider risk preferences as part of the wider review of the Group’s risk appetite framework. The Chair of JRL and PLACL, who is not a member of the Committee, was invited to attend the meetings and contributed, at the invitation of the Chair, to the challenge and debate. There were standing invitations for the Group Chief Executive Officer, Group Chief Financial Officer, Group Chief Risk Officer and Director of Group Internal Audit to attend the meetings during the year. Other Group executives and senior managers were invited to present on their areas of responsibility as required. The Committee Chair regularly engages 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. The effectiveness of the Committee was reviewed as part of the annual Board effectiveness review which took place in late 2022 and the Board concluded that it was satisfied with the Committee’s performance. In addition, the Committee considers the quality of papers and effectiveness of its discussions as a standing item at the end of each meeting and reviews the results of a meeting effectiveness survey which is conducted biannually. The Committee follows an annual rolling forward agenda with various standing items considered throughout the year in addition to other key focus areas as outlined in more detail in the section below. A report from the Group Chief Risk Officer is considered at each scheduled meeting. Group Own Risk and Solvency Assessment (“ORSA”) updates, compliance oversight reports and regulatory development updates are received at least on a quarterly basis or earlier if required. Various annual reports are considered by the Committee including the internal model validation report, annual money laundering reporting officer’s report and an annual report from the Group Data Protection Officer. The Committee also approves the compliance monitoring plan annually and any changes during the course of the year.

I am pleased to present my report on behalf of the Group Risk and Compliance Committee which outlines the main activities and areas of focus during the year.

KALPANA SHAH Chair, Group Risk and Compliance Committee

COMMITTEE MEMBERSHIP Kalpana Shah Chair Paul Bishop Independent Non-Executive Director

Ian Cormack Senior Independent Director John Hastings-Bass Chair of the Board Mary Phibbs Independent Non-Executive Director

AREAS OF FOCUS Key areas of focus during the year included the following matters.

Committee meeting attendance can be found on page 79. Biographies of Committee members can be found on pages 68 to 70. On 31 December 2022, Steve Melcher retired as a Director and member of the Committee.