Executive Committee terms of reference

Executive Risk Committee


The Executive Committee hereby resolves to establish a sub-committee to be known as the Executive Risk Committee.


a. The Chief Risk Officer, the Head of Finance, Deputy Chief Executive, Head of Corporate Services, the Head of Customer Services, the Head of IT, the Compliance Office, the Actuarial Function Holder, and Director of Sales & Marketing shall be members of the Committee. A quorum shall be two members.

b. The Chairman of the Committee shall be the Chief Risk Officer.

Attendance at Meetings

Other members of the Executive shall have the right of attendance. Any member of Scottish Friendly staff may be required by the Committee to attend meetings.

Frequency of Meetings

Meetings shall be held when necessary, and not less than four times a year.


The Committee is authorised by the Executive to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee and all employees are directed to co-operate with any request made by the Committee.


The duties of the Committee shall be:

a. to identify and monitor the Corporate risk framework of the Scottish Friendly group (refer to the Risk Management Framework and Corporate Risk Register);

b. to assist the Executive in the mitigation and management of all risks, and to ensure that any significant issues are resolved, or, where necessary, escalated;

c. to ensure that all documentation relation to the Corporate risk framework is duly maintained;

d. to assist the Actuarial function and Board in the risk elements of the Individual Capital Assessment and of Solvency II, the ORSA and in the development of appropriate reverse-stress testing;

e. to report on the above to the Risk Committee as required;

f. to assist the Board in assessing potential risk arising from all Scottish Friendly group business and activities including any strategic initiatives, when requested by the Board or Risk Committee, and ensuring that this is reflected in both the Corporate risk register and the ICA.

Reporting Procedures

a. The Secretary shall circulate the agenda and the papers for each meeting to each member of the Executive.

b. The minutes of each meeting shall be copied to the Board and Risk Committee

c. The Committee shall provide regular reports to the Risk Committee as required, and no less than four times a year.