Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 418

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 418
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 Basel 3.1 programme with data,models and subject matter resources.–The Committee reviewed the ongoing management of risks, issues anddependencies and challenged management to prioritise deliverables across eachjurisdiction in line with regulatory timelines. The Committee discussions focused onensuring, in each case, that the Group complied with the applicable minimumstandards under the regulation.                                                     |

Committee performance review In 2024, the annual review of the performance of the Board committees, including the GAC, was conducted externally by IBE. On the basis of the review, directors concluded that the GAC continued to operate effectively. Positive feedback was noted on the refreshed Committee composition, in particular the change of Committee leadership and the new practices and focus introduced, including on the control environment. The Committee will consider scheduling an extra meeting in 2025 to provide additional, dedicated time for discussion, given the range and complexity of topics under the Committee’s remit. The review highlighted the continued importance of strong interaction between the GAC, GRC, and GTOC agendas, via the Committee Chairs, and this will continue to be an area of focus in 2025. Further details of the annual review of the Board and Committee effectiveness can be found on page 287 .

| HSBC Holdings plcAnnual Report on Form 20-F | 301 |

Group Risk Committee

|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | “Managing the impacts of political change and policy volatility has been a key trend thisyear, with changes in governments globally, having economic and commercialimplications for both the Group and the industry.“ |                            |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| James ForeseChairGroup Risk Committee |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                       |                            |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                       | Membership                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                       |                            |     | Key responsibilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Member since                                                                                                                                                                                                          | Meeting attendancein 20241 |     | The Group Risk Committee (’GRC’) has overall non-executiveresponsibility for the oversight of risk-related matters and the risksimpacting the Group. The GRC’s key responsibilities include:–overseeing and advising the Board on all risk-related matters,including financial and non-financial risks;–advising the Board on risk appetite-related matters, and keyregulatory submissions;–reviewing the effectiveness of the Group’s risk managementframework and how effectively management is embedding andmaintaining