Risk and Control Committee
The Risk and Control Committee assists the Board 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 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. Permanent participants at the meetings are: the director in charge, the manager preparing corporate accounting records and the heads of the key functions.
Ines Mazzilli
MEMBER OF THE COMMITTEE
Non-executive independent director
Sabrina Pucci
MEMBER OF THE COMMITTEE
Non-executive independent director
STABLE PARTICIPANTS
2020 RCC DIARY - Main opinions and assessments
The main committee’s activities in 2020 are listed in the following charts.
| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Examination of minor changes to the internal capital calculation model pursuant to Solvency II and associated documents for presentation to IVASS
|
- Committee budget proposal for 2020
- Examination of results of 2019 Risk Assessment relating to operating and compliance risks
- Report of the Control Functions on activities conducted in 2019
- Opinion on the 2020 incentives system
- Market analysis and remuneration proposals for the heads of the Key Functions
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Report on the Internal Model Review process
- Opinions on the regular policy review at Group and Parent Company level
|
- Reports on risk issues
- Report of the head of the Internal Audit function on complaints management in the second half of 2019
- Examination of the framework resolution on the investments of Assicurazioni Generali S.p.A. pursuant to IVASS Regulation no. 24/2016
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- Opinion on impairment test procedures, pursuant to joint Bank of Italy/Consob/ ISVAP document no. 4 of 3 March 2010
- Information on correct uniform application of accounting
|
| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT
|
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Report on the economic solvency of the Group at 31/12/2019
- Examination of the Parent Company 2019 ORSA Report
- Opinion on the Parent Company RSR and SFCR
- Report on the technical reserves pursuant to Solvency II at Parent Company level
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- Assessment of the adequacy and efficacy of the ICRMS
- Examination of the adequacy of the administrative and accounting system with reference to risk management
- Examination of the actuarial report on the Company’s technical reserves at 31/12/2019
- Actuarial analysis on reserving at 31/12/2019
- Examination of the reports of the head of Group Audit, the Group Compliance Officer and the Group Chief Risk Officer on remuneration policies (art. 58 IVASS Regulation no. 38/2018)
- Update report by the MPFR and opinion on 2020 activity plan and related budget
- Periodic monitoring of SAA limits
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- Assessment of correct use of accounting standards and their uniformity among the Group companies for the purpose of the consolidated financial statements, and assessment of correct use of accounting standards for the parent company’s financial statements
- Report on goodwill impairment testing
- Examination of periodic reporting on investments
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Opinions on the regular policy review at Group and Parent Company level
- Report on the technical reserves pursuant to Solvency II at Group level
- Opinion of the SFCR at Group level
- Report on the independent review and check of methods used to measure assets and liabilities other than the Generali Group’s technical reserves
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- Examination of the parent company 2018 ORSA Report
- Examination of the parent company Regulatory Supervisory Report and Solvency Financial Condition Report
- Examination of the reports of the External Auditors pursuant to s. 14 lgs.decreeno. 39, 27 January 2010, s. 10 of EU Regulation no. 537/2014, s. 102 of lgs. decree no. 209, 7 September 2005, and s. 11 of EU Regulation no. 537/2014
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Periodic report on economic solvency
- Update on the SFCR at Group level
- Opinions on the regular policy review at Group and Parent Company level
|
- Opinion on the new organisational governance of the Group Actuarial Function
- Examination of the quarterly audit report at Parent Company and Group level
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- Examination of periodic reporting on investments
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Examination of changes to the internal capital calculation model pursuant to Solvency II and associated documents for presentation to the IVASS
- Examination of the Group’s 2019 ORSA Report
- Examination of the RSR at Group level
|
- Report on the 2019 Group and Parent Company Validation Report
- Periodic monitoring of SAA limits
- Report on private equity investments
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Periodic report on Group economic solvency
- Opinions on the regular policy review at Group and Parent Company level
|
- Update report on the state of the activities of the Key Functions at 30/06/2020
- Report of the head of the Internal Audit function on complaints management at 30/6/2020
- Periodic report on monitoring of Group concentration limits
- Periodic assessment of the adequacy and efficacy of the ICRMS at 30/6/2020
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- Assessment of correct use of the accounting principles and their uniformity among the Group companies, for the purposes of the half-year report
- Update by the MPFR
- Examination of reporting on investments
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Opinions on the regular policy review at Group and Parent Company level
|
- Periodic monitoring of SAA limits
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
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- Report on specific risk areas
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Opinions on the regular policy review at Group and Parent Company level
- Periodic report on Group economic solvency
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- Reporting on outsourcing
- Periodic report on monitoring of Group concentration limits
- Examination of the Audit Reports at 30/9/2020 at Parent Company and Group level
- IT Security Issues
- IT Risk Management Framework
- Group Security Policy
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- Examination of reporting on investments
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| SOLVENCY II |
INTERNAL CONTROLS, RISK MANAGEMENT |
FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS |
- Opinions on the regular policy review at Group and Parent Company level
- Review of the Risk Appetite Framework
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- Report on private equity investments
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- Examination of the framework resolution on the parent company’s investments, pursuant to IVASS Regulation no. 24/2016
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DOWNLOAD
| RCC DIARY 2020 – Main opinions and valuations |
257 kb |
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