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          Risk and Control Committee

          The 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, the assessing proposals for the appointment of the auditing firm and, together with the Innovation, Social and Environmental Sustainability Committee, the managing of cybersecurity risks).

          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 manager in charge of the Internal Control and Risk Management System, the manager preparing corporate accounting records and the heads of the key functions.

          Composition

          Luisa Torchia
          CHAIR
          Non-executive independent director

          Composition

          Marina Brogi
          MEMBER OF THE COMMITTEE
          Non-executive independent director

          Composition

          Umberto Malesci
          MEMBER OF THE COMMITTEE
          Non-executive independent director

          Composition - Ph. Giuliano Koren

          Clemente Rebecchini
          MEMBER OF THE COMMITTEE
          Non-executive and non-independent director

          Giuseppe Catalano (Secretary)

           

          STABLE PARTICIPANTS

          Philippe Donnet
          Group Chief Executive Officer and manager in charge of the Internal Control and Risk Management System

          Cristiano Borean
          Group Chief Financial Officer and manager preparing corporate accounting records

          Nora Gürtler
          Head of Group Audit

          Maurizio Basso
          Group Compliance Officer

          Carlo Ferraresi
          Group Chief Risk Officer

          Anna Pieri
          Group Head of Actuarial Function

          Michele Valeriani
          Group Head of Anti Financial Crime


          2021 RCC DIARY - Main opinions and valuations

          The main committee’s activities in 2021 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
          • Examination of results of 2020 Risk
            Assessment relating to operating and
            compliance risks
          • Report of the Key Functions on activities
            conducted in 2020
          • Update on the project for the reorganisation
            of the Group Actuarial
            Function
          • Committee budget proposal for 2021
          • Opinion on the 2021 incentives system.
            Market analysis and remuneration
            proposals for the heads of the Key Functions
           
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Opinions on the regular policy review
            at Group and Parent Company level
          • Report of the head of the Internal Audit function on complaints management in the 2nd half of 2020 
          • Report on the governance model for key risks 
          • Opinion on the 2021 activity plan for the Parent Company and the Group, and on the related expenditure budgets for the Key Functions 
          • Report on cyber risk measurement 
          • Report on the cooperative compliance system and activities relating to the tax control ramework
          • 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
            standards 
          • Examination of preliminary figures on AFS and directly
            held real estate impairment for the 2020 financial
            statements
          SOLVENCY II

          INTERNAL CONTROLS, RISK MANAGEMENT

          FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Report on the technical reserves
            pursuant to Solvency II at Parent
            Company level 
          • Periodical report on Group economic
            solvency 
          • Examination of minor changes
            to the internal capital calculation
            model pursuant to Solvency II
            and associated documents for
            presentation to IVASS 
          • Opinion on the Parent Company RSR and SFCR
          • Report on Parent Company technical
            reserves pursuant to Solvency II
          • Assessment of the adequacy and efficacy of the ICRMS 
          • Assessment of the adequacy of the Group organisational structure 
          • Assessment of the adequacy of the administrative and accounting system with reference to risk management 
          • Report on Integrated Data Quality for
            the MPFR and on the NFD. Opinion on
            the 2021 activity plan of the MPFR and related budget 
          • 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 38/2018) 
          • Periodical monitoring of SAA limits 
          • Examination of the Parent Company
            2020 ORSA Report
          • Report on goodwill impairment testing
          • 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
          • Examination of periodical reporting on investments
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Opinions on the regular policy review at Group and Parent Company level 
          • Opinion on the Group RSR and SFCR 
          • Report on the Group technical reserves pursuant to Solvency II 
          • Report on the independent review
            and check of methods used to measure assets and liabilities other than the Generali Group’s technical reserves
          • Examination of the Group 2020 ORSA Report 
          • Report on the organisational changes relating to a Key Function 
          • Examination of the project on climate
            change risks
          • Examination of the reports of the external auditors pursuant to s. 14 lgs.decree no. 39, 27 January 2010, s. 10 EU Regulation no. 537/2014, s. 102 lgs.decree no. 209, 7 September 2005, and s. 11 EU Regulation no. 537/2014

           

          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Opinions on the regular policy review
            at Group and Parent Company level 
          • Periodical report on Group economic
            solvency
          • Opinion on the framework resolution
            on the Parent Company’s investments,
            pursuant to IVASS Regulation 24/2016
          • Examination of periodical reporting on investments
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Examination of changes to
            the Solvency II internal capital
            calculation model and associated
            documents for presentation to the
            IVASS 
          • Opinions on the regular Group and
            Parent Company policy review
          • Report on the 2020 Group and Parent
            Company Validation Report 
          • Periodical monitoring of SAA limits 
          • Report on private equity investments
           
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Periodical report on economic solvency at Group level 
          • Opinion on the regular policy review
            at Group and Parent Company level
          • Update report on the state of the
            activities of the Key Functions at
            30/06/2021 
          • Periodical assessment of the adequacy
            and efficacy of the ICRMS 
          • Periodical report of the head of the
            Internal Audit function on complaints
            management 
          • Data quality model at Group level 
          • Report of the head of the Anti-Financial
            Crime function
          • Periodical update of the MPFR 
          • New regulation of the MPFR 
          • Examination of reporting on investments
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Opinion on the regular policy review
            at Group and Parent Company level
          • Periodical monitoring of SAA limits
           
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Periodical report on Group economic
            solvency
          • Periodical report on monitoring of Group
            concentration limits 
          • Examination of the periodical Audit Reports at Parent Company and Group level 
          • Review of Liquidity Risk Management
            Plan, Recovery Plan and Systemic Risk Management Plan 
          • Report of the head of the Anti-Financial Crime function
          • Examination of reporting on investments
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
          • Review of the Risk Appetite
            Framework 
          • Opinions on the regular policy review
            at Group and Parent Company level
          • Report on IT security issues
          • Report on Tax Control Framework
            activities
          • Report on private equity investments
           

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          RCC DIARY 2021 – Main opinions and valuations 45 kb