{ "docId": "019dd923-5eff-723e-9be7-d26e8b9c7415", "docSlug": "db9dd26ce4c89573", "documentTitle": "2024 Annual Report", "authorId": "TUI-Group", "authorName": "TUI Group", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.777, "pageNumber": 36, "pageCount": 286, "prevPage": 35, "nextPage": 37, "slideType": "table_of_contents", "function": "front_matter", "density": "balanced", "nDataPoints": 0, "notes": "The slide combines a standard table of contents on the left with a detailed textual description of the risk management governance framework on the right.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5eff-723e-9be7-d26e8b9c7415/36", "deckHref": "/decks/019dd923-5eff-723e-9be7-d26e8b9c7415", "deckJsonHref": "/decks/019dd923-5eff-723e-9be7-d26e8b9c7415.json", "deckAnchorHref": "/decks/019dd923-5eff-723e-9be7-d26e8b9c7415#slide-36", "components": [ { "bbox": null, "kind": "callout", "text": "Ultimate accountability for the Group's risk management rests with the Executive Board and therefore it has established and maintains a risk management system to identify, assess, manage and monitor risks.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-832e-76b9-8118-b3002a36fb8f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.61, "w": 0.15, "x": 0.03, "y": 0.09 }, "kind": "list", "text": "FINANCIAL YEAR 2024 COMBINED MANAGEMENT REPORT\n23 TUI Group Strategy\n27 Corporate Profile\n34 Risk Report\n50 Overall Assessment by the Executive Board and Report on expected Developments\n54 Business Review\n76 Non-Financial Group Declaration of TUI Group\n105 Annual financial Statements of TUI AG\n108 Information required under Takeover Law\n111 TUI Share\n115 Report in accordance with recommendations of TCFD\nCORPORATE GOVERNANCE\nCONSOLIDATED FINANCIAL STATEMENTS AND NOTES", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "867c2937-8de2-4592-838f-8a2a973168a0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.85, "w": 0.76, "x": 0.21, "y": 0.06 }, "kind": "paragraph", "text": "AUDIT COMMITTEE - OVERSEE & REVIEW\nThe Audit Committee, as a subcommittee of the Supervisory Board, is overseeing the appropriateness and effectiveness of the risk management system. The Head of the Group Risk team reports a minimum of once a year on topics which have been discussed in the Group Risk Oversight Committee, as well as the principal risks and their changes. The Audit Committee considers the adequacy and the effectiveness of the risk management system and reviews and acknowledges the risk appetite on a principal risk level as formulated by the Executive Board.\n\nEXECUTIVE BOARD - DIRECT & ASSURE\nWith oversight by the Supervisory Board, the Executive Board determines the strategic direction of the Group and agrees the nature and extent of the risks it is willing to take to achieve its strategic objectives.\n\nUltimate accountability for the Group's risk management rests with the Executive Board and therefore it has established and maintains a risk management system to identify, assess, manage and monitor risks which could threaten the existence of the company or have a significant impact on the achievement of its strategic objectives: these are referred to as the principal risks of the Group. This risk management system includes an internally-published risk management policy which helps to reinforce the tone set from the top on risk, by instilling an appropriate risk culture in the organisation whereby employees are expected to be risk aware, control minded and to 'do the right thing'.\n\nThe Executive Board reports to the Audit Committee of the Supervisory Board on the adherence to the German legal and listing requirements, the overall risk position of the Group, on the individual principal risks of the Group, and on the performance and effectiveness of the risk management system as a whole.\n\nGROUP RISK OVERSIGHT COMMITTEE - REVIEW & COMMUNICATE\nOn behalf of the Executive Board, the Group Risk Oversight Committee (the GROC), ensures on a quarterly basis that business risks are identified, assessed, managed and monitored across the businesses and functions of the Group.\n\nThe committee is chaired by the Chief Financial Officer. Senior operational and finance management as well as those central functions which are fulfilling the role as a second line are represented on the committee.\n\nLeaders of central functions as well as senior executives from the Group's major businesses are invited on a rotational basis to present on their risk and control framework. This allows members of the GROC to ask questions on the processes in place, the risks present in each business or function, as well as any new or evolving risks which may be on their horizon. It also provides an opportunity to seek confirmation that an appropriate risk culture continues to be in place in each of the major businesses and that there are no gaps between risk management at business level and at function level.\n\nThe GROC reports bi-annually to the Executive Board to ensure that it is kept abreast of changes in the risk landscape and developments in the management of principal risks, and to facilitate regular quality discussions on risk management at the Executive Board meetings.\n\nGROUP RISK TEAM - COORDINATE, SUPPORT & REPORT\nThe Group Risk team ensures that an adequate risk management system is set up and functions effectively and that the risk management policy is implemented appropriately across the Group. The team facilitates the risk management process by providing guidance, support and challenge to management whilst acting as the central point for coordinating, monitoring and reporting on risk across the Group. It also supports the GROC in fulfilling its duties and reporting to both the Executive and Supervisory Board. Additionally, Group Risk is responsible for the risk and control software that underpins the Group's risk reporting and risk management process.\n\nSECTOR RISK & CONTROL - COORDINATE, SUPPORT & REPORT\nSector risk and control teams work as the connecting element between businesses and the Group. They facilitate the risk management process in their respective areas by providing guidance, support and reporting. They challenge management in identifying and assessing risks, hence ensuring proper sector governance.\n\nBUSINESSES & FUNCTIONS - IDENTIFY, ASSESS & MANAGE\nEvery business and function in the Group is required to adopt the Group Risk Management policy. They each have their own risk committee or include risk as a regular agenda item at their Board meetings to ensure that it receives the appropriate senior management attention within their business. In addition, the businesses each appoint a Risk Champion, who promotes the implementation of the risk management policy within their business and ensures its effective application. The Risk Champions are in close contact with the Group Risk team and are critical both in ensuring that the risk management system functions effectively, and in implementing a culture of continuous awareness and improvement in risk management and reporting.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ff4806a7-6bba-47f3-81ff-8ae683f5dd9d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "CONTENTS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7fe592e4-fe9b-4948-a3ea-b3c58574f517", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "governance", "slug": null, "matchId": "a1a56a51-44a8-4753-879a-6483c05d06bd", "evidence": "Describes the roles and responsibilities of the Audit Committee, Executive Board, Group Risk Oversight Committee, and other business units in risk management.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }