The Group Audit & Risk Committee is central to our risk management approach. The Committee's meticulous focus assures the Board and supplements its traditional role of approving and examining an annual internal audit plan with an ongoing programme of risk 'deep dives'. These intensive evaluations enhance our understanding of risk exposure and mitigation tactics, their subjects chosen based on risk scenarios and crucial business metrics.
The Committee maintains its role in informing the annual 30-year financial business plan. Given the ever-changing and challenging financial conditions impacting housing association finances, this plan is now being updated more frequently. Crucially, the Committee determines a variety of stress scenarios to test the financial business plan's resilience to expose specific weaknesses across the group. This year, the range of scenarios was broad, reflecting the ongoing economic instability, including a scenario that stretched the financial business plan to its limits. In parallel with this stress testing, the Recovery Plan was reviewed and updated.
