Barclays 2004 Annual Report Download - page 47

Barclays PLC Annual Report 2004
45
Risk Responsibilities
The principal responsibilities extend throughout the organisation.
•The Board requires that management maintains an appropriate system of internal control and reviews its effectiveness. The Board approves
risk appetite and monitors the Group’s risk profile against this appetite.
•Business leaders are responsible for the identification and management of risk in their businesses.
•The Risk Director, under delegated authority from the Group Chief Executive and Group Finance Director, has responsibility for ensuring
effective risk management and control.
•Risk Type Heads and their teams in Central Support are responsible for risk oversight and policy.
•Business risk teams, each under the management of a Business Risk Director, are responsible for assisting business leaders in the identification
and management of their business risk profiles and for implementing appropriate risk management processes.
•Internal Audit is responsible for the independent review of the control environment.
Internal Audit
Group Board
Group Chief Executive
Group Finance DirectorBusiness Heads
Risk Director
Business Risk Directors
Risk-type Heads
Retail Wholesale Market Operational
Credit risk Credit risk risk risk
UK Banking
Barclaycard
Barclays Capital
Private Clients
International Retail and
Commercial Banking
Barclays Global Investors
Matrix of risk responsibilities at Barclays
The internal control framework at Barclays is aligned with the internationally accepted standard Internal Control – Integrated Framework
published by the Committee of Sponsoring Organisations of the Treadway Commission (COSO). The Group’s principal risks are the subject of
Board Governance Standards, which set out Board approved risk control requirements. Board Governance Standards exist for the following risks:
Brand Management Liquidity
Capital Planning Market
Corporate Responsibility Operations
Credit People
Financial Crime Regulatory Compliance
Financial Reporting, Taxation and Budgeting Change
Legal Strategic Planning
Detailed discussion of our risk management of certain risks follows, starting with credit risk on page 49.
The management of risk at Barclays is guided and monitored by a number of committees. Each has specific functions as shown in the chart on
the Governance Structure at Group Level on the next page.