Managing the Business

We have created an environment of innovation and freedom to make swift decisions, across a flat management structure with clear internal and financial controls.

Internal control
Our management structure and formal communications process encourages accountability and knowledge sharing across the firm, ensuring the management are responsive to issues and trends within the business and the wider market place.

Monthly Operational Board reviews
We maintain regular communication via our Monthly Operational Board (MOB) review where management teams assess financial performance and discuss the ongoing development of the business. Comprehensive financial plans are prepared by each business unit and reviewed and approved at both Divisional and Bank level. Results are monitored routinely by means of comprehensive management accounts and actual progress against plan is challenged directly and in detail by Executive Directors. Expenditure is subject to rigorous budgetary control and where it exceeds specified levels, detailed written proposals have to be submitted to the Board. Expenditure on acquisitions is the subject of appropriate consideration, review and approval by the Board.

Risk assessment & mitigation
System and procedures are in place across the Bank to identify, assess and mitigate major business risks, including but not limited to: credit, liquidity, operations, reputation, regulatory and fraud. The Bank’s exposure to risk is examined as an integral part of the MOB review. Risk management disciplines are also monitored and developed by a Group Risk Management function working at an operational level. This function maintains appropriate and effective processes to meet the continually evolving requirements of the Bank. It is supported by an internal audit function, which focuses on those areas determined as highest risk by the risk identification and assessment process.