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Risks

The group has a rigorous risk management framework. This is designed to identify the risks that could adversely impact the delivery of the group's strategic aims and to ensure that adequate controls and procedures are in place to mitigate the risks. The group's risks, together with the controls and procedures in place to mitigate the risks, are as follows:

Definition

The risk of loss arising from the failure of the group’s strategy or management actions over the planning horizon.

Controls and procedures

  • A clear group strategy is in place.
  • A board strategy and planning conference is held annually.
  • A dedicated central resource is in place to develop corporate strategy.
  • New products and processes are thoroughly tested prior to roll-out.
  • There is comprehensive monitoring of competitor products, pricing and strategy.
  • Robust change programme functions oversee business change.
  • The group has comprehensive monthly management accounts, a monthly rolling forecast and a bi-annual budgeting process.