Reporting to the CFO, a seven person team is in charge of risk-control and results through four main missions.

Control of market and counterparty risks. On a daily basis we ensure that the internal limit framework is adhered to: limits to risks, positions and commitment, notably for the proprietary and broking activities. Detailed daily reporting is transmitted to the Front Offices and the management concil.

Constant control committee meetings. We take stock weekly at the group's permanent Control Committee (including the management council, operational managers, CFO, RCSI and risk control managers). We are in charge of organising and facilitating this committee. All the group's risk limits are validated by the risk committee in consultation with the operational and risk control managers.

Risk assessment according to regulatory standards, as part of reports to the Banking Commission; notably reporting adequacy of shareholders' equity for market risks, loans and in relation to customer business.

Daily calculation and monitoring of results. We determine the results of market operations performed by the group. For each strategy, the results, calculated from accounting information, are reconciled with Front Office results. Detailed daily reporting by business is transmitted to the management council.

 The group has combined control of risks and results within a single team. This unlocks synergies at two levels:

Overall visibility of the risk control and management processes: involvement in setting the limits and defining risk scenarios, then controlling the compliance with the internal limit framework and monitoring regulatory risks (consumption of shareholders' equity). This overall visibility helps to fully comprehend the required limit framework necessary for new activities and those in development.

Daily risk control and determination of results by the same employees unlocks strong analysis synergies.

 Several large-scale missions planned for 2006:

Refining the ROE calculations for each business,

Reinforcing Value at Risk (VaR) monitoring applied to proprietary trading activities,

Developing controls for counterparty risks,

Setting up overall operational risk assessment at group level (Basel II regulatory constraint) in direct collaboration with the Audit/compliance department and the various divisions.