1. A New Force in Risk Management IID Risk Management Leadership Forum Inaugural meeting 20 January 2003 Notes for opening remarks

2. A New Force in Risk Management Opening remarks Thank you for agreeing to be involved……………….I am not going to present the ideas in the manifesto. We are going to discuss them….but they are obviously very important. I joined HBOS for three key reasons:- – Belief in the HBOS merger and strategy – “never knowingly the same” – Belief in Phil Hodkinson – Belief in IID’s ability to kick the competition into touch – Because, more than anything else, I wanted to change the paradigms associated with risk management from soup to nuts……instead of taking a step back when I say I am Head of Risk Management, I want people to take a step forward! Getting RM right is a key leverage point in beating the competition. Get it wrong and it will constipate the organisation.

3. A New Force in Risk Management So, this meeting is an absolutely key starting point on a journey of discovery and I am looking forward to it So, how did we get to this point today –A lot of chat and many versions –Interesting discussions all over the place –“Client focused” –James Crosby –IID Management Team meeting 22 nd November…it was following that meeting that the RMLF was constituted In a minute we will do personal intros and then Peter will discuss the agenda but winding forward to the end of the session, what is it I would like as an outcome / commitments from you –A much better agreed understanding of the journey ahead –Your agreement to wholehearted engagement with my client managers to work on the specifics in your business units –Probably an interest in rolling out the org dev programme into your RM functions

4. A New Force in Risk Management Note…completing the agenda is not critical….and Peter may “play” with it. Personal introductions –Keep them to no more than a couple of minutes as a maximum –A bit of your work history –Something interesting about you which may be non-work related….e.g. I have sailed across the Pacific –What you think about risk management and what you would like to get out of your involvement with the RMLF Lets start with Michael Warren