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Risk and control committee

The risk and control committee assists the board of directors in establishing the guidelines of the internal control and risk management system, verifying its adequacy and effectiveness, and identifying and managing the main risks faced by the company and to other specific matters related to them (e.g.: the adoption and review of the Group policies according to Solvency 2 rules and the assessing proposals for the appointment of the auditing firm).

The risk and control committee assists the board of directors with tasks allocated to it by the italian corporate governance code and insurance supervisory regulations.

Ensures also that the board’s evaluations and decisions relating to the approval of the financial statements and half-year reports and relations between the Company and the external auditors are supported by adequate preliminary activity.

Composition

The risk and control committee is made up of non-executive members, most of whom are independent, among them also the chair.

Members

Chair

Alberta Figari

Non-executive independent director

Other members

Romolo Bardin

Non-executive independent director

Roberto Perotti

Non-executive independent director

Sabrina Pucci

Non-executive independent director

Clemente Rebecchini

Non-executive and non-independent director

Secretary

Giuseppe Catalano

 

2015 RCC DIARY - Main opinions and evaluations

The main committee’s activities in 2015 are listed in the following chart.

SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Examination of accounting documents in accordance with the draft internal model
 
  • Report on methodology of integrated financial statements as at 31 December 2014
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
 
  • 2014 activities of the Control Functions
  • 2015 Activity Plan for the Control Functions
  • Remuneration of heads of Control Functions
  • Trend of risk-adjusted capital at the end of 2014
  • Committee’s 2015 Budget
  • Periodic report on trend of insurance complaints
  • Impairment test procedures pursuant to joint Bank of Italy / CONSOB / ISVAP document no. 4 of 3 March 2010
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Examination of policies relevant to Solvency II
  • Annual Report of Control Function
  • Activity Plan of Control Function, and the corresponding budget
  • Report on check on compliance with joint Bank of Italy and CONSOB Regulation of 29 October 2007
  • Report, pursuant to CONSOB resolution no. 17297 of 28 April 2010, on complaints relating to the distribution of financial insurance products
  • Examination of audit topics relating to Country Italy
  • Report by heads of Control Functions on implementation of remuneration policies, pursuant to s. 23 of ISVAP Regulation no. 39 of 9 June 2011 § Report on 2014 targets and proposed 2015 targets for head of Control Function
  • Evaluation of adequacy and efficacy of the Internal Control and Risk Management System
  • Sustainability Report 2014 and report on Sustainability Commitment Charter
  • Evaluation of correct use of accounting standards in the statutory financial statements and harmonised use between the various companies belonging to the Group, for the purpose of the consolidated financial statements
  • Update on activities of the Manager in charge of preparation of the Company’s financial reports. Plan and expenditure budget
  • Periodic reporting on investments
  • Examination of the reports of the External Auditors and the actuary instructed by them on the 2014 financial statements
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Examination of accounting documents in accordance
    with the draft internal model
  • Update on activities relating to the Solvency II project
  • Report on the Internal Control and Risk Management System, drawn up as required by art. 28.2 of ISVAP Regulation no. 20 of 26 March 2008
  • Parent Company’s Report drawn up pursuant to art. 28-bis of ISVAP Regulation no. 20 of 26 March 2008
  • Periodic report on insurance complaints
  • Topics relating to remuneration of heads of Control Functions
 
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Report on progress of Solvency II project
  • Topics relating to remuneration of heads of Control Functions
  • Update on audit topics
  • Evaluation of insurance complaints management policy
 
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Examination of Group Partial Internal
    Model (Solvency II legislation)
  • Update on policies relevant to the
    Solvency II legislation and other related
    topics
  • Examination of documentation to be
    submitted to IVASS in relation to the
    request for approval of the Internal Model
  • 2014 ORSA Report
  • Evaluation of adequacy and efficacy of the Internal Control and Risk Management System
  • Commencement of process for evaluating the adequacy of the organisational, administrative and accounting structure of the Company and its Strategic Subsidiaries
  • Periodic report on insurance complaints
  • Update on sustainability commitments and market benchmarks
  • Periodic report on risk exposure
  • MPFR’s update on his activities
  • Examination of periodic reporting on investments
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Update on Internal Model Application Package
  • Update on audit topics
 
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Update report on the Group Partial Internal Model
  • Presentation by head of the CSR Function
  • Periodic report on risk management
  • Examination of reporting on investments
  • Update on MPFR’s budget
  • Update of investment policy pursuant to ISVAP Regulation no. 36 of 31 January 2011
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT and SUSTAINABILITY FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
  • Report on Solvency II topics
  • Report on checks relating to the regulatory solvency ratio 2015
  • Opinion on Risk Appetite Framework
  • Review of Liquidity Risk Management Plan, Recovery Plan and Systemic Risk Management Plan
  • Update of policies relevant to the Solvency II legislation
  • Update of activity plan for Control Functions
  • Opinion on Group policy
 

Download

  • 19 Apr 2016

    2015 RCC DIARY - Main opinions and evaluations

    83 kb