Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 212

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 212
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 owned by the Government of Iran in relation to management charges for property owned by the bank. We processed these payments to our customers. We have individual customers in Europe that are employed by a bank located outside Iran that is owned by the Government of Iran. During 2024, we processed local currency salary payments received via banks that are not owned by the Government of Iran to our customers. For these activities, there was no measurable gross revenue or net profit to HSBC during 2024 . Frozen accounts and transactions We maintain several accounts that are frozen as a result of relevant sanctions programmes, and safekeeping boxes and other similar custodial relationships, for which no activity, except as licensed, authorised, or otherwise related to the maintenance of such accounts as consistent with applicable law, took place during 2024. There was no measurable gross revenue or net profit to HSBC during 2024 relating to these frozen accounts.

| HSBC Holdings plcAnnual Report on Form 20-F | 143 |

Risk review Our risk review outlines our approach to risk management, how we identify and monitor top and emerging risks, and the actions we take to mitigate them. In addition, it explains our material banking risks, including how we manage capital.

| 144 | Our approach to risk                    |
| 148 | Top and emerging risks                  |
| 154 | Risk factors                            |
| 167 | Our material banking risks              |
| 169 | Credit risk                             |
| 230 | Treasury risk                           |
| 246 | Market risk                             |
| 249 | Climate risk                            |
| 258 | Resilience risk                         |
| 259 | Regulatory compliance risk              |
| 259 | Financial crime risk                    |
| 260 | Model risk                              |
| 261 | Insurance manufacturing operations risk |

Bangkok, Thailand, 1990s. Customer Service Desk.

| 144 | HSBC Holdings plcAnnual Report on Form 20-F |

Risk review

Our approach to risk Our risk appetite Our risk appetite defines the level and types of risk that we are willing to take, while informing the financial planning process and guiding strategic decision making. Our risk appetite is defined as the aggregate level of risk that we are comfortable to take to achieve our strategic objectives. Risk appetite also provides a mechanism for non- executive directors and executive directors to collectively establish the Group’s willingness to engage in certain activities and assess these activities. Enterprise-wide application Our risk appetite is expressed holistically through various risk management mechanisms and activities, in both quantitative and qualitative terms. The Group Risk