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Risk management and internal control

Risk management and internal control

A full description of the Risk Management Framework of the British Business Bank is included within their Annual Report. The main aspects of the framework are:

  • A collection of tools, processes and methodologies to identify, assess, monitor and control risks.
  • A Risk Appetite Policy which British Business Investments is subject to, however the British Business Investment’s Board approves the company’s own Risk Appetite Statement.
  • Risk governance based on the ‘three lines of defence’ model.
  • A wide range of policies, frameworks and procedures which take account of regulatory or legal requirement and industry best practice.

The key operational risks the company is exposed to are:

  • Maintaining a suitably qualified investment team and Board to deliver the company’s investment strategy.
  • Ensuring systems and processes support investment decision making, reporting and portfolio management.
  • Procuring appropriate support across a range of services from the British Business Bank including: finance, legal, risk, IT and marketing.

The key financial risks the company is exposed to are detailed in note 13(iii) of the accompanying financial statements.

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