1 How are the requirements implemented at Rolls-Royce?

The Rolls-Royce board members are clear on their role in managing risk and it forms part of their accountabilities. The board owns the principal risks and oversight of these is carried out by the full board or delegated to one of the board subcommittees. They will perform a deep dive into each of the group principal risks at least once a year (deep dive was covered in Session 6). You can see in the Annual Report [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] that the code is referred to and committees describe how they oversee the principal risks.

Risk is also considered as part of the board’s decision-making process. One way in which this is done is by requiring that every paper that is presented to the board is clear on the risks that it raises and addresses.