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Full Integrated Report 2015 PDF 3mb Business overview and highlights PDF 662kb Executive reports PDF 379kb Material themes PDF 174kb Operational performance review PDF 246kb Governance PDF 688kb Financial statements PDF 124kb
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The Alexander Forbes board and management acknowledge that risks accompany change and are often accompanied by potential benefits and opportunities. Better risk governance implies enabling the group to minimise the negative consequences of its associated risks.
The group embraces a strong risk governance model which is pragmatic and ensures oversight efficiency, accountability, responsibility, independence, reporting, communications and transparency – both internally and with all our key external stakeholders.
The Alexander Forbes board has approved and adopted the COSO model’s three lines of defence, as set out in the figure on the right, each with a specific role as follows:
Risk appetite is the amount of risk that the group is willing to accept in pursuit of achieving its stakeholder objectives. It sets parameters within which the group can operate in order to achieve business objectives and drive important investment decisions. Risk appetite is used in setting strategies and in business planning and acts as a reference point for all important business decisions.
Alexander Forbes’ risk appetite has been broadly split into four key risk measures, namely capital, earnings, liquidity and operational risk. Thresholds and measurement principles are agreed at a group level. The qualitative statements in relation to each of these four measures are set out below: