• Connectivity of information
• Consistency and comparability
• Materiality
• Strategic focus and future orientation

Key observations:

Marks and Spencer’s risk review outlines the evolution of the company’s risk management over the last year. It provides information on the principal uncertainties the company faces, the opportunities provided by pursuing development in these areas, and the activities designed to mitigate their risks. Perhaps most usefully, the report provides a ‘heat-map’, charting the likelihood of each risk and its potential impact, alongside a ‘risk radar’ which helps the reader understand which risks are the focus of the Executive and Board-level.  This ‘risk radar’ has been used consistently over the years and the comparison shows an interesting changes observed by the company.