Risk management

Understanding, accepting and managing risk are fundamental to Rank’s strategy and success. We have a Group enterprise-wide risk management framework and approach, which is integrated into our organisational management structure and responsibilities.

The aim of this is to provide oversight and governance of the key risks we face, as well as monitoring upcoming and emerging risks and performing horizon scanning over the medium to long term. 

Over the past year we have continued to enhance our Group enterprise risk management framework and improve our ability to identify, mitigate, monitor and review key risks. For each principal risk identified, the Risk Committee assessed the likelihood and consequence and confirmed a “risk owner” who is a member of the Executive Committee. The risk owner is responsible for defining and implementing mitigations, which are reviewed for appropriateness and monitored regularly.

Key or material risks are identified and monitored through risk registers at a Group level and within business units, ensuring both a top-down and bottom-up approach to risk management.

In addition to the well-established approach to risk management, preparation for the implementation of Provision 29 of the Corporate Code is well underway. This will impact the Group for financial year 2026/27.

This work is being led by the CFO and the enterprise risk management team and has included:
– Breakdown of the principal risks into critical risk events,
– Mapping of existing controls to these critical risk events,
– Presenting the outcome of this to the Audit Committee,
and
– Planning dry runs to validate control effectiveness and gather feedback on the approach. 

Our risk management framework