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Standard Life plc - Annual Report and Accounts 2007
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Governance

The ERMF is built around a robust governance structure. The 'three lines of defence' are an important part of this structure, providing clearly defined roles and responsibilities.

First line: day to day risk management is delegated from the Board to the Group Chief Executive and, through a system of delegated authorities and limits, to business managers.
 
Second line: risk oversight is provided by the Chief Risk Officer and Group Actuary and established risk management committees. These management committees are supported by the specialist risk management and compliance functions across the Group.
 
Third line: the Group Internal Audit function advises business managers on the extent to which the systems of risk management and control are adequate and effective to manage business risks. It provides objective assurance on risk and control to senior management and the Audit, Risk and Compliance Committee.