Supporting the business in its management of risk

Risk Management is headed by Iain Laing, Chief Risk Officer.

Iain was appointed Chief Risk Officer of the Society in July 2011. In this role he is responsible for the Society's enterprise risk management framework; for control of the Society's lending risk; and for oversight of the Society's solvency risk, financial risk, business risk, regulatory risk and strategic risk.

Prior to joining Nationwide Iain was Chief Credit Officer and Deputy Chief Risk Officer at Santander UK. He has held senior roles in credit management, customer management and strategic consulting with Santander, HBoS, Capital One and Marakon Associates. Iain began his career as a Manufacturing Engineer working for Pedigree Petfoods.

All organisations operate with varying degrees and types of risk. Within Nationwide, it's the role of the Risk Management Division (RMD) to provide expertise to support the business in its management of risk on a day-to-day basis.

Taking risks is an essential part of doing business, but good risk management means we know what our risks are and are prepared for them. Ultimately, a risk is the possibility of something happening which stops Nationwide from achieving what it set out to achieve. Everything that we do requires processes, people and systems to make it work. These can be affected by external events such as floods, crime or the economic climate, or internal events like fraud or human error.

We all have have a responsibility to identify and manage risks, but it's the Board of Directors who set out the degree of risk they are prepared for the Group to take. This is known as our 'Risk Appetite'. RMD works with the Board and all business areas to ensure both local and Group level risks are correctly managed.

There are ten teams within RMD, each supporting a different element of risk that may impact the Group.

  • Commercial Credit Risk
  • Group Financial and Strategic
  • Group Lending Risk
  • Group Modelling, Measurement and Methodology
  • Group Operational Risk
  • Risk Strategic Change
  • Enterprise Risk Management
  • Office of the CRO (OCRO)
  • Secured Credit Risk
  • Unsecured Credit Risk, RMD Data, Systems and Organisation