RBS 2013 Annual Report Download - page 65
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Report of the Board Risk Committee
63
Risk architecture
The Committee reviewed the preparations underway to ensure
compliance with the new best practice principles that had been defined
by the Basel Committee of Banking Supervision (BCBS) for internal risk
reporting and data aggregation practices, which would be effective in
2016. Consideration was given to how these requirements reaffirmed
priorities and direction of travel with the Finance and Risk
Transformation (FiRST) Programme and it was noted that work was in
progress to both accelerate usage of the FiRST strategic solution by
Risk and enhance existing capabilities. In conjunction with the Group
Audit Committee, the Board Risk Committee will closely monitor delivery
of the FiRST programme in 2014 and any required changes as a result
of the strategic review.
Remuneration
The Committee recognises that embedding the correct conduct and
culture in the organisation requires an emphasis on performance
management and conduct standards. The Board Risk Committee has
continued to work closely with the Group Chief Executive and Group
Performance and Remuneration Committee to consider the risk aspects
of Executive Committee members’ objectives and remuneration
arrangements as appropriate.
The Committee considered the risk performance of divisions in light of
known risk and control issues and under advice from Risk Management
and Internal Audit. It made recommendations regarding appropriate
adjustments, to the Group Chief Executive and Group Performance and
Remuneration Committee.
The Committee has reviewed specific accountability cases as required
and made recommendations accordingly.
Philip Scott
Chairman of the Board Risk Committee
26 February 2014