Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 806

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 5
Chunk 806
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, and 2) income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign•Eliminates the requirement to disclose the nature and estimate of the change in unrecognized tax benefits expected in the next twelve months•Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures•Required effective date: Annual financial statements for the year ending December 31, 2025. Early adoption is permitted.•Adoption is expected to have a meaningful impact on our required income tax disclosures in the Consolidated Financial Statements.Disaggregation of Income Statement Expenses   Issued November 2024•Requires tabular disclosure of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities•Within the same tabular disclosure, include certain expenses, gains, and losses that are already required to be disclosed•Requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively•Requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses•Required effective date: Annual financial statements for the year ending December 31, 2027, and interim reporting periods thereafter. Early adoption is permitted.•We are currently evaluating the impact of this standard on our required expense disclosures in the Consolidated Financial Statements.

Citizens Financial Group, Inc. | 65

RISK GOVERNANCE

We are committed to maintaining a strong, integrated and proactive approach to the management of all risks to which we are exposed in pursuit of our business objectives. A key aspect of our Board’s responsibility as the main decision-making body is setting our risk appetite to ensure that the levels of risk that we are willing to accept in the attainment of our strategic business and financial objectives are clearly understood. 

To enable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of those activities, to a number of Board and executive management level risk committees. The Executive Risk Committee, chaired by the Chief Risk Officer, is responsible for oversight of risk across the enterprise and actively considers our inherent material risks, analyzes our overall risk profile and seeks confirmation that the risks are being appropriately identified, assessed and mitigated. Reporting to the Executive Risk Committee are the following committees covering specific