The Committee meets at least three times per year and at such other times as required. The Company's External Auditor or Chief Risk Officer ("CRO") may also request a meeting if they consider it necessary. [...] The Group's risks are managed on a day-to-day basis within the businesses and functions across the Group's entities. Inherent risks are identified and assessed by "First Line" resources alongside controls and their proven or expected mitigating effects. This process is supported by the risk functions across the Group and is called the Risk and Control Self-Assessment ("RCSA"). Risk is aggregated across businesses, themes and functions as directed by the Executive Committee, to provide risk reporting for the Group and the qualitative and quantitative bases for determining risk appetite for the firm. The Executive Committee is responsible for endorsing the policies and procedures within the Group framework and motivating the business to take calculated risks. The "Second Line" risk function is responsible for the risk taxonomy and the Group's risk register as well as the management of risk events (recording, escalation, reporting) through the Risk Committee. The regional risk officers (Luxembourg and Australia) report to the Head of Risk and the Chief Risk Officer. [...] The Board believes the Group has an effective framework to identify, manage, monitor and report the risks the firm is or might be exposed to, or pose or might pose to others, and operates adequate internal control mechanisms, including sound administration and accounting procedures. [...] The Group operates a three lines of defence ("3LOD") model with risk management oversight owned by and managed within the second line of defence ("2LOD"). The Audit & Risk Committee of the Group receives quarterly reports on the risk profile of the UK, Luxembourg and Australian entities from the Head of Risk for Foresight Group LLP.