Business
Half Year Report - 2023 Interim Report - Part 3
Half Year Report - 2023 Interim Report - Part 3.
About this update from Hsbc Holdings Plc
[{"type":"text","content":"\n\n\n\n\n\nRisk\n\n\n\n\n\n\n\nContents\n\n\n\n\n\n\n\n\n\n\n\n\n61\n\n\nKey developments in the first half of 2023\n\n\n\n\n61\n\n\nAreas of special interest\n\n\n\n\n64\n\n\nCredit risk\n\n\n\n\n93\n\n\nTreasury risk\n\n\n\n\n103\n\n\nMarket risk\n\n\n\n\n104\n\n\nInsurance manufacturing operations risk\n\n\n\n\n \nWe recognise that the primary role of risk management is to protect our customers, business, colleagues, shareholders and the communities that we serve, while ensuring we are able to support our strategy and provide sustainable growth.\nAll our people are responsible for the management of risk, with the ultimate accountability residing with the Board. Our Group Risk and Compliance function, led by the Group Chief Risk and Compliance Officer, plays an important role in reinforcing our culture and values. We are focused on creating an environment that encourages our people to speak up and do the right thing.\nGroup Risk and Compliance is independent from the global businesses, including our sales and trading functions, to provide challenge, oversight and appropriate balance in risk/reward decisions.\nWe aim to use a comprehensive risk management approach across the organisation and across all risk types, underpinned by our culture and values. This is outlined in our risk management framework, including the key principles and practices that we employ in managing material risks, both financial and non-financial. The framework fosters continuous monitoring, promotes risk awareness, and encourages sound operational and strategic decision making. It also supports a consistent approach to identifying, assessing, managing and reporting the risks we accept and incur in our activities. We continue to actively review and develop our risk management framework and enhance our approach to managing risk through our activities with regard to: people and capabilities; governance; reporting and management information; credit risk management models; and data.\nA summary of our current policies and practices regarding the management of risk is set out in the 'Risk management' section on pages 132 to 135 of the Annual Report and Accounts 2022.\nKey developments in the first half of 2023\nWe continued to actively manage the risks related to macroeconomic and geopolitical uncertainties, as well as other key risks described in this se...