RBS 2013 Annual Report Download - page 62
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Report of the Board Risk Committee
60
Report of the Board Risk Committee
Meetings and visits
The Board Risk Committee held seven scheduled meetings in 2013.
Meetings are held alongside Group Audit Committee meetings to ensure
that the work of the two Committees is coordinated and consistent. Board
Risk Committee meetings are attended by relevant executive directors,
risk management, finance and internal audit executives. External advice
may be sought by the Board Risk Committee where considered
appropriate. During 2013, the members of Board Risk Committee, in
conjunction with the members of the Group Audit Committee, took part in
an annual programme of visits to the Group’s business divisions and
control functions. This programme included two in depth sessions with
the Risk Management function to consider key risk areas and the risk
strategy and operating model. Full details about the programme of visits
is set out in the Report of the Group Audit Committee on page 53.
Membership of the Board Risk Committee
The Board Risk Committee comprises at least three independent non-
executive directors. The Chairman and members of the Committee,
together with their attendance at meetings, are shown below.
Attended/
scheduled
Philip Scott (Chairman) 7/7
Sandy Crombie 7/7
Tony Di Iorio (1) 6/7
Brendan Nelson 7/7
Baroness Noakes 7/7
Former director
Joe MacHale (2) 2/4
Notes:
(1) Missed one meeting due to travel disruption.
(2) Retired from the Board on 14 May 2013.
Philip Scott, Tony Di Iorio, Brendan Nelson and Baroness Noakes are
also members of the Group Audit Committee. Sandy Crombie is also a
member of the Group Performance and Remuneration Committee. This
common membership ensures effective governance across all finance,
risk and remuneration issues, and that agendas are aligned and overlap
is avoided, where possible.
Performance evaluation
A review of the effectiveness of the Board and senior committees,
including the Board Risk Committee, during 2013 was conducted
internally. The Committee has considered and discussed the report on
the outcomes of the evaluation and is satisfied with the way in which the
evaluation has been conducted, the conclusions and the
recommendations for action. Overall, the review concluded that the Board
Risk Committee continued to operate effectively but some areas where
further enhancements could be made, were identified. The outcomes of
the evaluation have been reported to the Board, and during 2014, the
Committee will place focus on driving further improvements to risk
reporting and prioritisation of Committee time.
The role and responsibilities of the Board Risk Committee
The Board Risk Committee’s primary responsibilities are shown below
and are set out in its terms of reference which are reviewed annually by
the Committee and approved by the Board. These are available on
rbs.com.