Risk management is an essential part of the Group’s strategic agenda. The Board seeks to ensure that the Group understands and manages its risks accordingly; to either create additional value for its stakeholders or to mitigate any potentially adverse effects.
The Group has continued to take steps to strengthen its risk environment and further develop its risk framework during the first half of 2010, which have included the creation of a Group Board Risk Committee in February 2010 with responsibility for the oversight of risk across the Group. The Group Risk Committee comprises five non-executive Directors and has met twice during the first half of 2010.
Further detail of the Group’s risk management framework is provided in the Performance section and note 42 of the 2009 Annual Report and Accounts. The Board believes that the principal risks and uncertainties as reported in the 2009 Annual Report and Accounts are still relevant for the latter half of 2010, and is satisfied that there are appropriate arrangements in place for their management and mitigation.