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1Risk Framework2IFR Article 473Risk Management Principles 4IFRS 7/IAS 15The diversity of our business model requires us to identify, assess, model, measure, 6aggregate, mitigate, and monitor our risks. The core objective is to reinforce our resilience by 7deploying a holistic approach to the management of risk and return throughout our 8organization as well as the effective management of our risk, capital and reputational profile. 9The following principles underpin our risk management framework:10– Risk is taken within a defined risk appetite.11– Every risk taken needs to be approved within the risk management framework.12– Risk taken needs to be adequately priced.13– Risk should be continuously monitored and managed.14Risk and capital are managed via a framework of principles, organizational structures, and 15measurement and monitoring processes that are closely aligned with our business activities. 16– Risk management is the core responsibility of the Executive Board which delegates to 17senior risk managers and the Risk and Control Committee for execution and oversight.18– We operate the three lines of defence risk management model. The three lines of defence 19approach and its underlying standards apply to all levels of the organization.20First line of defence: As risk owners businesses are fully accountable for the identification, 21assessment, and management (against a defined risk appetite) of risks that originate inside or 22outside their organization. Risk owners are those roles in the Group that generate risks, 23whether financial or non-financial. The heads of the business areas determine the appropriate 24organizational structure to identify their organization’s risk profile, implement a risk 25management and control approach within their organization, take business decisions on the 26mitigation or acceptance of risks within the risk appetite and establish and maintain risk 27owner controls. For the first line of defence there is a dedicated Controls Office (i. e., 28Divisional Control and Business Control Officers), which focuses on a consolidated risk profile 29and acts as primary contact for risk management matters.30Second line of defence: The second line of defence control functions (e. g., Risk, Legal, Anti-31Financial Crime and Compliance) define risk appetite for the specific risk type they control 32and monitor and report on the risk type's profile against risk appetite. As subject matter 33experts for their risk type, they (as independent functions) advise the first line of defence on 34how to identify, assess and manage this risk and how to implement the risk type framework. 35The second line of defence control functions have as appropriate a veto authority for risk 36decisions to prevent risk appetite breaches.37Third line of defence is the internal audit function which is accountable for providing 38independent and objective assurance on the effectiveness of how the business divisions and 39the second line of defence control functions interact with respect to risk management. 40Outlined below are core frameworks, policies, statements, and tools utilized to identify, 41assess, model, measure, aggregate, mitigate, and monitor our risks.42– The Group business and risk strategy and the Group risk appetite statements are approved 43annually by the Executive Board. In addition, Deutsche Bank Group sets the risk appetite for 44its Asset Management division with which we comply. 45– The business and risk strategy including capital planning provides the basis for aligning 46risk, capital, and performance targets for regular risk and capital profile monitoring. 47– Cross-risk analysis reviews are conducted throughout the firm to validate the existence of 48appropriate risk management practices and an awareness of risk. 49– All material risks across non-financial risk, financial risk, strategic risk and sustainability risk 50are managed via dedicated risk management processes. Modelling and measurement 51approaches for quantifying risk and capital demand are implemented across the material 52risk types. Furthermore, we have set up a dedicated reputational risk control framework 53including a committee for decision making on reputational risk matters. 54– We have monitoring, stress testing tools, and escalation processes for key capital and 55liquidity thresholds and metrics. 56– Systems, processes, and policies are critical components of our risk management capability 57to facilitate a comprehensive view and articulate the underlying roles and responsibilities.58Risk Management59IFRS 7/IAS 160GRI 3-361Our activities and global operations are regulated and supervised by relevant competent 62authorities in each of the jurisdictions in which we conduct business. 63The Executive Board is responsible for managing the Group in accordance with the law, 64regulations, the Articles of Association and its Terms of Reference with the objective of 65creating sustainable value in the interest of the Group, thus taking into consideration the 66interests of shareholders, employees, clients, and other stakeholders. Furthermore, the 67        68To our Shareholders Summarised 69Management Report70Consolidated 71Financial Statements Compensation Report Corporate Govern-72ance Statement73Supplementary 74Information DWS 2023 Annual Report75 76Risk Report7746 Risk Framework