To manage risk effectively, we continuously track many different risks on various risk dashboards and respond to these as soon as they are identified. We consider the following to be material risks for the Group: Risk Mitigating actions 1. Prolonged outbreak of COVID-19 Premium support mechanisms for members. Updated COVID-19 workplace plan. Management of PPS COVID-19 claims and underwriting protocols as the pandemic evolves. 2. Sustainability Close monitoring and in-depth analysis of the claims experience. Continuous review and update of claims protocols to remain relevant. Ensure appropriate reinsurance and product structures. Enhance our group brand and market positioning. Product innovations and holistic solutions for members. Legislative compliance. Minimise disruptions to business from the significant volume of proposed legislation and amendments to existing legislation. Responsible governance. Continue to stay well-informed of external events impacting our members. Integrate environmental, social and governance objectives into the Group strategic roadmap. 3. Muted economic growth Ongoing implementation of the strategic plan by pursuing identified opportunities. Ongoing review of expenditure to identify efficiencies. Monitoring of lapses. Intensify member retention efforts. 4. Cyber exposure Secure IT platforms. Cyber security plan in place. Effective cyber security operations centre. Security incident response plan in place. Security-awareness programmes for employees. Network segregation and monitoring. Workstation security management. 5. Prolonged poor investment performance cycle Long-term well-diversified investment strategy. Balanced portfolios with international exposure. Multiple asset managers. Direct Board oversight of investments. 81 | Material matters and risk management PPS Integrated Report 2021
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