Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 466

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 466
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     | Barclays PLC 2024Annual Reporton Form 20-F | 306 |
| Risk performance - Model risk, Compliance risk, Reputation riskand Legal risk |                        |                                  |            |     |            |                 |                     |     |                                            |     |

Model risk, Compliance risk, Reputation risk and Legal risk All disclosures in this section are unaudited unless otherwise stated. Model risk Barclays is committed to continuously improving model risk management and made a number of enhancements in 2024, including: • Continued focus on improving model risk control framework. • Established a programme to meet PRA’s Supervisory Statement 1/23 Model risk management principles for banks. • Development of a governance framework for approaches which rely on subject matter expert judgement and establishing initial inventory. • Enhanced quantitative model risk assessment to cover most significant model suites. • Introduced Artificial Intelligence(AI) Policy, Development of approach to AI validation, and design of associated governance framework. • Expanded model risk framework to provide transparency around risk themes (Data and Technology) outside the Model Risk Framework that may impact model outputs. Compliance risk Barclays is committed to continuing to drive the right culture throughout all levels of the organisation. The Group will continue to enhance effective management of Compliance Risk and appropriately consider the relevant tools, governance and management information in decision-making processes. Focus on management of Compliance Risk is ongoing and, alongside other relevant business and control management information, the Trading Entity Conduct Risk Dashboard is a key component of this. The Group continues to review the role and impact of Compliance Risk events and issues in remuneration decisions at both the individual and business level. In 2024, the Group maintained focus on new and heightened inherent Compliance Risks, including those relating to the evolving threat landscape as related to financial crime, and challenges in ensuring customer and client data is handled appropriately. These risks continue to be monitored on an ongoing basis. A key area of focus has been the ongoing embedment of the FCA’s Consumer Duty, Rules for closed products and services took effect at the end July 2024 . Businesses have continued to assess the potential customer, client and market impacts of strategic change. As part of the 2024 medium-term planning process, material Compliance Risks associated with strategic and financial plans were assessed. Throughout 2024, Compliance Risks were raised by each business area for consideration by relevant Board level committees. These committees reviewed the risks raised and whether management’s proposed actions were appropriate to mitigate the risks effectively. During 2024, laws, rules and regulation risk (LRR