JUST GROUP PLC Annual Report and Accounts 2019
78
GROUP RISK AND COMPLIANCE COMMITTEE REPORT
I am pleased to present the Group Risk and Compliance Committee Report for the year ended 31 December 2019
The Committee assists the Board by providing leadership, direction and oversight by the Group’s risk management framework and regulatory compliance of the Group. In doing so, the Committee has played a key role in delivering effective oversight of the principal and emerging risks inherent in the business and its risk strategy. ROLES AND RESPONSIBILITIES, COMMITTEE MEMBERSHIP AND MEETINGS The Board has delegated responsibility to the Committee for overseeing the risk management and internal control frameworks of the Group and for overseeing regulatory compliance. The Committee’s key roles and responsibilities are set out in the terms of reference, which can be found at www.justgroupplc.co.uk. Biographies of the Committee members can be found on pages 56 to 59. The Committee works closely with the Audit Committees and the Investment Committees. The Group Chief Executive Officer, Group Chief Risk Officer and the Group Chief Actuary attend all meetings. Other Non-Executive Directors were also invited to attend and contributed to the challenge and debate. Group executives and senior managers were invited to attend the meetings to report where appropriate on their areas of responsibility.
Attendance scheduled meetings
Attendance unscheduled meetings
Committee members Keith Nicholson (Chair)
6/6 6/6 6/6 6/6 6/6
1/1 1/1 0/1 0/1 1/1
Ian Cormack
Chris Gibson-Smith
Steve Melcher
Clare Spottiswoode
The Committee has a standing agenda based on the annual cycle of the business covering all areas of its responsibility. Additional items are added as and when further discussion is required due to developments during the year. There were six scheduled meetings and one additional meeting during 2019. The Chair of the Committee also holds regular private meetings with the Group Chief Risk Officer to ensure that all significant areas of risk are considered. 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 December 2019 and January 2020 and the Board was satisfied with the Committee’s performance.
Keith nicholson Chair, Group Risk and Compliance Committee
SUMMARY OF MEETINGS DURING THE YEAR The Committee met formally on seven occasions.
At each quarterly meeting the Committee: • considers a report from the Group Chief Risk Officer on the key current and emerging risks to the business, together with a quarterly update to the Own Risk and Solvency Assessment (“ORSA”); and • reviews a Conduct and Prudential Compliance Report covering the compliance monitoring programme and any significant compliance risks.
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