NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) for the year ended 31 December 2022 and supportable information is used about past events, current conditions and forecasts of future economic conditions. Additional information is provided in Note 8 of these financial statements. 39. Management of risks 39.1 General The PPS Boards have overall responsibility for the Group's systems of internal control and risk management. The Chief Executives and executive management are responsible for the management and implementation of the PPS Group Enterprise Risk Management Framework and Governance Frameworks. To assist the PPS Boards in the execution of its fiduciary duties in regard to risk management, legal and compliance accountabilities, as set out in detail in policies and frameworks adopted by the PPS Group, the Group Risk Committee has the following responsibilities: • Assisting the PPS Board in setting risk strategy policies in liaison with management and in the discharge of its duties relating to corporate accountability and associated risk in terms of management assurance and reporting; • Assisting the PPS Board in overseeing the Group’s compliance with applicable legislative and regulatory requirements, industry standards and the Group’s Codes of Conduct; • Facilitating and ensuring appropriate segmentation of duties of the risk management function from operational business line responsibilities and ensuring that the segregation is observed; • Assisting the PPS Board in identifying any build-up and concentration of the various risks to which the Group is exposed; • Monitoring external developments relating to the practice of corporate accountability and the reporting of specifically associated risk, including emerging and prospective impacts; • Providing an independent and objective oversight and view of the information presented by management on corporate accountability and associated risk, also taking account of reports by management, the Group Actuarial Committee and the Group Audit Committee to the Board on all categories of identified risks facing PPS; • Performing the functions as may be prescribed by the Regulators and in particular, ensuring that PPS has implemented an effective ongoing process to identify risk, to measure its potential impact against a broad set of assumptions and then to activate what is necessary to proactively manage these risks and to recommend to the PPS Boards, PPS’s appetite and tolerance for risk; • Discharging the specific responsibilities ascribed to the Committee in terms of policies and frameworks adopted by the Group in regard to Solvency Assessment and Management in compliance with the Prudential Standard; • Recommending the Strategic and Operational Risk Policy, the Enterprise Risk Management Framework and relevant Risk Appetite Policies to the PPS Boards for approval; • Setting the standard for the Enterprise Risk Management Framework and risk management component policies; • Ensuring the establishment of an independent risk management control function, reviewing its adequacy and effectiveness; • Approving the risk management plan and reviewing progress against it; • Recommending any deviations or changes from the risk management strategy, risk appetite and risk management procedures and tools as documented in the risk management policies and frameworks to the PPS Boards for approval; • Approving the combined assurance plan and reviewing and overseeing all assurance activities, including the 168 Notes to the Consolidated Financial Statements
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