Strong governance and risk management are key to achieving our vision of being the most trusted health insurer and provider.
The Board's role is to provide clear leadership in setting strategy and risk appetite, and to oversee management’s implementation of that strategy within a prudent and effective governance and risk management structure.
Bupa's governance structure is designed to enable the Board to lead within a framework of prudent and effective controls so that risk is effectively assessed and managed. This includes a Risk Management Framework (RMF) implemented using a ‘three lines’ approach.
The RMF seeks to ensure that:
- Appropriate governance arrangements are in place
- There are clear and established risk appetites in key areas of risk and opportunity within which the business operates
- Risk management processes are in place to identify, assess, monitor, manage and report risks
- Effective controls are implemented and monitored to reduce risk exposure
- Documentation is maintained for key processes, key controls and responsibilities
- Risk management information is used to make effective decisions across the business
This includes identifying emerging risks and climate-related risks and understanding their potential consequences.
See Our Board and Board Committees for more information on their roles and how they oversee Bupa's System of Governance.
The Company meets the thresholds of the UK Companies Act 2006 to apply a corporate governance code. As it also has subsidiaries that are regulated under various financial services regimes and have securities listed on the London Stock Exchange, National Stock Exchange of India Ltd and Bombay Stock Exchange, the Board has chosen to apply the FRC’s UK Corporate Governance Code (the ‘Code’). This Code is publicly available at frc.org.uk
The Company’s corporate governance framework, set by the Board to provide comprehensive oversight across the Group, is set out below.
Our governance structure
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