Generali SpA

    premises & global services
                             

    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. Six managers are as stable participants at the meetings: the director in charge, the manager preparing corporate accounting records and the heads of the Internal Control Functions.

    Composition  - Ph. Giuliano Koren

    Alberta Figari
    CHAIR
    Non-executive independent director

    Composition  - Ph. Giuliano Koren

    Romolo Bardin
    MEMBER OF THE COMMITTEE
    Non-executive independent director

    Composition  - Ph. Giuliano Koren

    Roberto Perotti
    MEMBER OF THE COMMITTEE
    Non-executive independent director

    Composition  - Ph. Giuliano Koren

    Sabrina Pucci
    MEMBER OF THE COMMITTEE
    Non-executive independent director

    Composition  - Ph. Giuliano Koren

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

    Composition  - Ph. Giuliano Koren

    Giuseppe Catalano
    SECRETARY

     

    STABLE PARTICIPANTS

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

    Luigi Lubelli
    Group Chief Financial Officer and manager preparing corporate accounting records

    Nora Gürtler
    Head of Group Audit

    Maurizio Basso
    Group Compliance Officer

    Sandro Panizza
    Group Chief Risk Officer

    Salvatore Colotti
    Head of Group Actuarial Function


    2017 RCC DIARY - Main opinions and assessments

    The main committee’s activities in 2017 are listed in the following charts.

    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
     
    • Proposed 2017 budget for the committee
     
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
     
    • Report on 2016 activities of Internal Control Functions
    • Opinion on the 2017 activity plans of the Internal Control Functions and associated budgets
    • Examination of results of 2016 Risk Assessment
    • Examination of remuneration of heads of Internal Control Functions (meeting of 2016 targets and setting of 2017 targets)
    • Opinion on the report of the head of the Internal Audit function on complaints management
    • Opinion on impairment test procedures pursuant to joint Bank of Italy / CONSOB / ISVAP document no. 4 of 3 March 2010
    SOLVENCY II

    INTERNAL CONTROLS, RISK MANAGEMENT

    FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS

     

    • Update on MPFR's activities; opinion on MPFR's 2017 activity plan, 2017 budget and policy
    • Opinion on adequacy of organisational, administrative and accounting structure of the Company and its Strategic Subsidiaries
    • Evaluation of adequacy and efficiency of the internal control and risk management system
    • Opinion on report by head of Internal Audit function on implementation of remuneration policies pursuant to art. 23 of ISVAP Regulation no. 39 of 9 June 2011
    • Opinion on Group policies
    • Assessment of correct use of accounting standards and their harmonised use among the Group companies for the purpose of the consolidated financial statements, and assessment of correct use of accounting standards for the purpose of the parent company's financial statements
    • Examination of investment reports
    • Examination of reports of External Auditors' Firm on the financial statements as at 31 December 2016
    • Examination of amendments of powers relating to investments
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
    • Examination of changes to the internal capital calculation model pursuant to Solvency II
    • Report on risk capital pursuant to Solvency II
    • Report on solvency ratio at local level
    • Report on the Company's technical provisions pursuant to Solvency II, underwriting and reinsurance
    • Examination of the Company's 2016 ORSA Report
    • Opinion on the Company's Regulatory Supervisory Report and Solvency Financial Condition Report
    • Opinion on Group policies
    • Examination of investment reports
    • Report on private equity investments
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
    • Examination of changes to the internal capital calculation model pursuant to Solvency II and associated documents for IVASS
    • Report on the 2016 Validation Report of the Company and the Group
    • Report on the Company's technical provisions pursuant to Solvency II, underwriting and reinsurance
    • Report on risk capital pursuant to Solvency II at local level
    • Examination of the Group's 2016 ORSA Report
    • Opinion on the Group's Regulatory Supervisory Report and Solvency Financial Condition Report
    • Report on liquidity metrics and limit monitoring
    • Examination of results for the year regarding the impact of the Long-Term Guarantees for Assicurazioni Generali S.p.A., pursuant to the IVASS letter to the market of 9 March 2017
    • Opinion on the statistical information policy, drawn up pursuant to IVASS Regulation no. 36 of 28 February 2017
     
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
    • Report on risk capital pursuant to Solvency II
    • Opinion on appointment and determination of remuneration of the head of the Internal Audit function
    • Report on the status of activities of the Internal Control Functions
    • Evaluation of adequacy and efficiency of the internal control and risk management system
    • Update on the activities of the MPFR
    • Report on the half-year reports and audits thereof
    • Examination of investment reports
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
    • Report on risk capital pursuant to Solvency II at local level
    • Opinion on Group policies
     
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
    • Report on risk capital pursuant to Solvency II at Group level
    • Revision of Liquidity Risk Management Plan, Recovery Plan and Systemic Risk Management Plan
    • Report on liquidity metrics and limit monitoring
    • Examination of investment reports
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS AND INVESTMENTS
    • Opinion on review of Risk Appetite Framework
    • Report on risk capital pursuant to Solvency II at local level
    • Report on the ICRMS review
    • Opinion on update of 2017 Audit Plan
    • Opinion on Group policies
    • Commencement of process for evaluating the adequacy of the organisational, administrative and accounting structure of the Company and its Strategic Subsidiaries
    •  Report on private equity investments
    • Examination of the Company investment policy

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    2017 RCC DIARY - Main opinions and assessments 86 kb