CEIOPS publishes paper on risk management
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CEIOPS lays out its high-level principles and minimum qualitative requirements for risk management
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published an issues paper entitled Risk Management and other Corporate Issues. As part of its preparation for future work under the Solvency II project, CEIOPS has developed high-level principles and minimum qualitative requirements, which could form the basis for a risk and governance structure of undertakings. Some of those principles are set out in this paper, which represents the direction of CEIOPS’ initial thinking on these issues.
The main focus of the paper is on the importance of having a robust system of governance in place with an adequate organisational structure that is proportionate to the nature and scale of the undertaking, and having annually-reviewed written policies in place on internal controls and risk management. However, it also says businesses should deal with a variety of risks including strategic risk, insurance-specific risk, market risk including asset-liability management, credit risk, concentration risk, liquidity risk, reputational risk and operational risk.
Although this is not a formal consultation paper, CEIOPS has invited comments by October 17. The purpose is to inform possible further work by CEIOPS in defining fundamental requirements for all undertakings, identifying potential options in light of forthcoming Level 2 implementing measures, and to inform any wider discussion (including on a Level 3 basis).
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