PPS Integrated Report 2021 Notes to the Consolidated Financial Statements | 192 Notes to the Consolidated Financial Statements (continued) for the year ended 31 December 2021 To assist the PPS Boards in the execution of its fiduciary duties in regard to risk management, legal and compliance accountabilities, as set out in detail in policies and frameworks adopted by the PPS Group, the Group Risk Committee has the following responsibilities: ~Assisting the PPS Boards in setting risk strategy policies in liaison with management and in the discharge of its duties relating to corporate accountability and associated risk in terms of management assurance and reporting; ~Assisting the PPS Boards in overseeing the Group’s compliance with applicable legislative and regulatory requirements, industry standards and the Group’s Codes of Conduct; ~Facilitating and ensuring appropriate segmentation of duties of the risk management function from operational business line responsibilities and ensuring that the segregation is observed; ~Assisting the PPS Boards in identifying any build-up and concentration of the various risks to which the Group is exposed; ~Monitoring external developments relating to the practice of corporate accountability and the reporting of specifically associated risk, including emerging and prospective impacts; ~Providing an independent and objective oversight and view of the information presented by management on corporate accountability and associated risk, also taking account of reports by management, the Group Actuarial Committee and the Group Audit Committee to the Board on all categories of identified risks facing PPS; ~Performing the functions as may be prescribed by the Regulators and in particular, ensuring that PPS has implemented an effective ongoing process to identify risk, to measure its potential impact against a broad set of assumptions and then to activate what is necessary to proactively manage these risks and to recommend to the PPS Boards, PPS’s appetite and tolerance for risk; ~Discharging the specific responsibilities ascribed to the Committee in terms of policies and frameworks adopted by the Group in compliance with Solvency Assessment and Management in compliance with the Prudential Standard; ~Recommending the Strategic and Operational Risk Policy, the Enterprise Risk Management Framework and relevant Risk Appetite Policies to the PPS Boards for approval; ~Setting the standard for the Enterprise Risk Management Framework and risk management component policies; ~Ensuring the establishment of an independent risk management control function, reviewing its adequacy and effectiveness; ~Approving the risk management plan and reviewing progress against it; ~Recommending any deviations or changes from the risk management strategy, risk appetite and risk management procedures and tools as documented in the risk management policies and frameworks to the PPS Boards for approval; ~Approving the combined assurance plan and reviewing and overseeing all assurance activities, including the effectiveness of combined assurance arrangements; ~Annually reviewing the risk bearing capacity of the Group in the light of its reserves, insurance coverage, guarantee funds or other such financial structures for approval by the PPS Boards; ~Overseeing that a process to conduct regular periodic independent assessments of the risk management function and risk management system is in place; ~Reviewing the risk reports and adequate disclosure of the Group’s risks and opportunities; ~Considering, in particular, the management of Information Technology risks; ~Providing feedback to PPS Group Boards and their committees on identified risks that may be relevant for those particular Boards and their committees; ~Providing assistance to the Board in discharging its responsibilities for disclosure in relation to risk management in the integrated report; 38. MANAGEMENT OF RISKS (continued) 38.1 General (continued)
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