We have set up a holistic framework of Principal Risks, in order of prioritisation.

The Board makes a robust assessment of these Principal Risks, considering future performance and our ability to deliver the strategy, including solvency and liquidity risks.

For each Principal Risk, we assess risk in relation to the delivery of Group priorities and determine the level of risk we are prepared to take.

Each Principal Risk is overseen directly by the Board or one of its committee, with the Board retaining overall responsibility for risk across the Group.

Our assessment of risks extends to risks associated with our investments in joint ventures and associates, including our nuclear business. The impact and likelihood of these risks are evaluated and reported using a consistent approach.