David Woods is the Chairman of the Risk Committee. The other members are Alastair Barbour, Wendy Mayall and John Pollock.
The establishment of a Risk Committee is not a requirement of the Code. However, the Board believes such a Committee is important to ensure the robust oversight of the management of risk within the Group. The composition of the Committee, with a majority of independent Non-Executive Directors, is in accordance with the final recommendations of the report by Sir David Walker, ‘A review of corporate governance in UK banks and other financial industry entities.’
The Risk Committee met six times in 2015.
The Risk Committee advises the Board on risk appetite and tolerance in setting the future strategy, taking account of the Board’s overall degree of risk aversion, the current financial situation of the Company and, drawing on assessment by the Audit Committee, the Company’s capacity to manage and control risks within the agreed strategy. It advises the Board on all high-level risk matters. Details of the Risk Management Framework, for which the Risk Committee has oversight, are provided in the Risk Management section of the Annual Report and Accounts.
Risk Committee Terms of Reference