Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 420

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 420
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 the GRC has undertaken to better understand its responsibilities under the new regime, by challenging the revised Group policy and framework, and holding an education session to increase knowledge. The GRC supported management through an exercise to enhance the HSBC Risk Management Framework, which has resulted in several areas of improvement and brings us into line with industry best practice. The Committee has also considered updates to the Global Risk Appetite Framework and Group Risk Appetite Statement to promote more transparency and consistency across the Group. The Group continues to prepare for the PRA’s regulatory requirements relating to Operational Resilience by improving its capabilities, identifying its vulnerabilities and undertaking an extensive programme of testing. Risk culture and its importance has also featured extensively throughout committee discussions, including the development and implementation of the Risk Culture Framework. Other areas of focus and challenge include the Group’s data strategy and remediation programme, conduct and financial crime, technology and cyber risk, ESG and ongoing Risk Transformation programmes. As explained in the Report of the GAC on page 295 , responsibility for oversight of all internal controls transitioned to the GAC during 2024. Further details on these and other areas of GRC oversight during the year are set out below.

| 302 | HSBC Holdings plcAnnual Report on Form 20-F |

Report of the Directors | Corporate governance report | Board committees

I am proud to have led the GRC this year and am pleased at the effective execution of its duties. I am confident the Committee remains well placed to discharge its responsibilities and provide valuable advice to the Board in 2025 and the future.

Committee governance The Group Chief Risk and Compliance Officer, Group CFO, Group Chief Operating Officer, Group Chief Information Officer, Group Chief People & Governance Officer, Group Chief Legal Officer and Group Head of Internal Audit are standing attendees at GRC meetings. The Chair and members of the GRC also hold private meetings with the Group Chief Risk and Compliance Officer, the Group Head of Strategy and Corporate Development, the Group Head of Internal Audit and the external auditor, PwC, following scheduled GRC meetings. The participation of our senior business leaders, including the Group CEO who attended five scheduled GRC meetings in 2024, and the chief executive officers of the three global businesses reaffirmed the ownership of, and accountability for, risks in the first line of defence. Outside of formal meetings, the Chair meets regularly with the Group Chief Risk and Compliance Officer, and, where appropriate, members of senior management, to discuss priorities and track progress on key actions. The Chair also meets