Risk Management and Internal Control

Overview

The Supervisory Board has overall responsibility for risk management and determines the Group’s risk strategy, assesses and approves risk appetite and monitors risk exposure consistent with strategic priorities. There is a Group-wide system of risk management and internal control, which identifies and enables management to evaluate and manage the Group’s emerging and principal risks.

Due to the limitations inherent in any system of internal control, this system provides robust but not absolute, assurance against material misstatement or loss and is designed to manage, rather than eliminate risk. The effectiveness of the Group’s system of internal control is regularly reviewed as is the Group’s risk management framework, with specific consideration given to material financial, operational and sustainability risks and controls and appropriate steps taken to address any issues identified. During 2024, no significant internal control failings were identified.

There are rigorous processes in place to identify, evaluate and manage the emerging and principal risks faced by the Group, including those that would threaten its business model, future performance, solvency or liquidity.