Our risk appetite is governed through Delegated Authorities and Risk Review committees which are embedded across the Group, and managed by limits and parameters which are monitored continuously in each of our businesses, and reviewed regularly at Group level.
Risk appetite is articulated in a variety of ways appropriate to the category of risk being considered. For example, at the highest level are our Group policy statements, which describe our risk-based approach to each category and at a more detailed level are our Group standards, which describe acceptable controls and limits. Examples of our policies include our Sovereign, Counterparty and Financial Market Risk Policy, and our Operational and Contractual Risk Policy.
Some of the parameters which we use to exercise control over risk appetite include:
In 2016, the Board made a number of revisions to its Delegated Authorities to improve risk management, and in 2017 the Board will assess the risk appetite for each of our principal risks.