Risk management
We identify anything which might prevent us from meeting our business plan objectives and then manage these issues effectively to minimise risk and the impact of risks should they arise.
A high level schedule of the key risks we face is kept under regular review by the Group Strategy Team and the Audit Committee and is considered by the Group Board annually. Risk schedules produced for each subsidiary and each department are updated every six months and include not just the risks that we think are relevant at the time, but clear plans to ensure that those risks are well controlled. The Boards of our subsidiary organisations consider and contribute to their specific risk schedules.
Regional and departmental risks
These are assessed in workshops by staff who work together to identify the risks in their own area and assess the effectiveness with which those risks are managed.
Project risks
Risk management is a key feature of major projects such as development schemes. We have clear procedures for managing project risks to ensure that they do not become a problem.