BT 2012 Annual Report Download - page 36
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Strategy 33
Line of business
& service unit
audit &
risk committees
ManagementAssurance
The Board has overall responsibility for ensuring that our risks are managed
appropriately and, either directly, or through the
Audit & Risk Committee
, undertakes
regular reviews of the management of our risks at group-wide, line of business and
internal service units levels.
Board
The
Operating Committee
is responsible for identifying, evaluating, responding to and
monitoring risks. Those risks that are significant to us are reported and monitored through
the Group Risk Register. Each risk is assigned a management owner who is responsible for
the ongoing monitoring and management of the risk. The
Operating Committee
reviews
these risks through detailed monthly reviews as well as performing six-monthly reviews of
the Group Risk Register.
Operating
Committee
The Board and the
Operating Committee
are supported in their oversight of risk
management by the Group Risk Panel. The Group Risk Panel reviews the Group Risk Register
in detail on a quarterly basis, considers new or emerging risks, makes recommendations on
the strength of mitigations and monitors the work of the group risk management function.
Our reporting is structured so that emerging key risks are escalated through management to
the Board as appropriate.
Group Risk
Panel
Audit & Risk
Committee
Each line of business and service unit operates a risk management process as part of our
Enterprise Risk Management framework. This includes identifying and responding to the key
risks to their business, which are captured in a risk register and reviewed by their leadership
teams. Audit and risk committees in each line of business and service unit provide assurance
over the effectiveness of their risk management processes.
Line of
business &
service unit
leadership
teams
Risk management framework
Our risk management framework is explained below:
Our risks
Overview
BusinessStrategy
Performance
Governance
Financial statements
Additional information Overview
BusinessStrategy
Performance
Governance
Financial statements
Additional information