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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:

Risk:

Definition

The risk of loss arising from a breach of existing regulation or regulatory changes in the markets within which the group operates.

The current volatile economic environment has resulted in greater focus on regulation, with an increase in the level of scrutiny placed upon participants in the broader banking and consumer lending market.

Controls and procedures

  • A central in-house legal team is in place which monitors legislative changes and supports divisional compliance functions.
  • Expert third party legal advice is taken where necessary.
  • Divisional compliance functions are in place which manage compliance and report to divisional boards.
  • There is constructive dialogue with regulators.
  • Full and active participation in all relevant regulatory review and consultation processes in the UK and EU.