Back to Risk management
RISK OVERSIGHT
The Board: sets risk appetite and tolerance on the recommendation of the following three Board committees:
- Audit (Advises the Board on external financial reporting matters and the effectiveness of the Group’s internal control environment)
- Remuneration (Advises the Board on remuneration philosophy and overall reward policy, having regard to the Group’s overall strategy and principles of good corporate governance)
- Risk (Advises the Board on matters of risk management and oversight, including relevant policies and procedures).
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RISK MANAGEMENT
Reinsurance, Asset liability matching, Underwriting and Claims management form part of an operational framework which has mandated policies and processes, self assessment and evaluation and an organisation culture.
This in turn feeds into a continuous risk assessment (identification → analysis → mitigation → reporting → identification → etc), which can be split into the following six categories:
Regulatory and fiscal change; liquidity risk; credit risk; investment and market risk; insurance risk; business and operational risk.
The entire process above (risk oversight and risk management) is independently assured by an internal audit.
