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Risk governance

The Board is responsible for defining NHFIC’s risk appetite and establishing an appropriate risk management framework.

During the year, the Board, with the assistance of the Audit and Risk Committee, developed a Risk Management Framework which sets out the core principles and types of risks NHFIC faces. This forms the basis on which a Risk Appetite Statement (RAS) and Risk Control Matrix (RCM) have been established.

The Board relies on the Executive to manage the implementation and embedding of the risk appetite into NHFIC’s activities, to monitor performance and to report, as appropriate, to the Audit and Risk Committee and/or the Board.

Figure 4: NHFIC’s risk management framework

 Risk appetite, Risk culture, and Risk control and measurement