The Group is exposed to a variety of financial risks, including market risk, credit risk, capital risk and liquidity risk. The overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on financial performance. The BA Board approves prudent treasury policies and delegates certain responsibilities to senior management, who directly control day-to-day treasury operations and operate within clearly defined parameters. The financial risks faced by the Group are covered in note 26 to the financial statements.