Company: BCDRF
Filing Date: 2025-03-03
Form Type: 6-K
Source: 0000891478-25-000057
Chunk: 214

Company: Banco Santander, S.A.
Filing Date: 2025-03-03
Form: 6-K
Chunk 214
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ency appetite limits, maintaining a calibration in line with a low average global risk and resilient to stress conditions. In order to make the risk appetite framework more robust, the new formulation of the exercise has included the "distance to MDA" as a new metric applied at Group level. In terms of planning, the review of the recovery plan carried out by the second line for both the Group and the subsidiaries was deepened during this year, with certain aspects of improvement in terms of measures and assumptions being improved. As far as SRT securitization supervision is concerned, the reporting and management of corporate supervision have improved further in the development phase and a higher degree of standardization has been achieved. The monitoring process was also further strengthened by involving the subsidiaries more closely in the regular exercises and automating the process better through the use of an enterprise tool. For further details on capital risk, see the 'Risk, compliance and conduct management' chapter of the 2024 Annual report.

| Access 2024 Annual Report available on the Santander Group website |

11.4. Overview of Cryptoassets Activities Grupo Santander has been active in the evolving digital asset (aka crypto asset) ecosystem since 2019 when its first digital bond was issued. Santander is committed to being one of the leading banks in the development of this new digital assets market on behalf of our clients, examples being acting as a Joint Lead Manager (JLM) in 2021 and 2022 assisting the European Investment Bank (EIB) to issue its first digital bonds. Santander leverages innovation to meet client needs while maintaining a robust risk management framework. Our engagement spans multiple domains internally, participating in industry and regulatory consultations, while being aligned with regulatory expectations and emerging best practices. As of 2024, Santander has organized a Group-wide Digital Assets governance with teams across the Group to match the segmentation of business lines: SCIB, Retail and Commercial Banking, and Private Wealth, etc. 11.4.1. Risk Management and Compliance Each digital asset activity has a very different risk profile. For example, perceived risks associated with digital securities and other digital forms of traditional financial instruments are very different than those associated with crypto (e.g. Bitcoin). To address these different risks, Santander employs robust controls, on the back of a risk-based Crypto Assets Policy formally implemented in the Group in 2024.

302 2024 Pillar 3 Disclosures Report

| Index |     | Introduction |     | Capital |     | Risks |     | Risk