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
Group Chief Audit Officer

Maurizio Basso
Group Chief Compliance Officer

Carlo Ferraresi
Group Chief Risk Officer

Anna Pieri
Group Head of Actuarial Function

Michele Valeriani
Group Chief Anti Financial Crime Officer


2022 RCC diary - Main opinions and valuations

The main committee’s activities in 2022 are listed in the following charts.

SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
  • Report on specific matters relating to Solvency II regulations
  • Periodic report on IT security issues 
  • Examination of results of 2021 Risk Assessment on operating and compliance risks
  • Results of annual taxonomy update at Group level
  • Report of the Key Functions on activities conducted in 2021, opinion on the 2022 plan for their activities and budgets
  • Examination of the 2022 incentives system for the heads of the Key Functions
  • Examination of the RCC budget for 2022
  • Report on private equity investments 
  • Report on net holding cash flow, cash and free/available cash for any extraordinary transactions for 2021
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
  • Opinions on the regular policy review at Group and Parent Company level
  • Report on the governance model for key risks 
  • Examination of the ICT plan
  • Periodic report of the head of the Internal Audit function on complaints management
  • Periodic assessment of the adequacy and efficacy of the ICRMS
  • Periodic assessment of the adequacy of the Group organisational structure 
  • Periodic assessment of the adequacy of the administrative and accounting system with reference to risk management 
  • Report on the cooperative compliance system, Tax Control Framework activities and the three-year monitoring plan 
  • Opinion on fiscal policy 
  • Report on climate risk management project
  • Report on correct uniform application of accounting standards
  • Examination of report on reinsurance distribution 
  • 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, INVESTMENTS
  • Report on the technical reserves pursuant to Solvency II at Parent Company level
  • Proposal for amendments to the Internal Model
  • Report on economic solvency at local and Group level
  • Opinion on the Parent Company 2021 ORSA Report
  • Opinion on the Parent Company RSR and SFCR
  • Examination of the reports of the heads of the Key Functions on remuneration policies (s. 58 IVASS Regulation no. 38 of 3 July 2018)
  • Report on Integrated Data Quality for the MPFR and the NFD
  • Opinion on the MPFR’s activity plan and 2022 expenditure budget
  • Periodic monitoring of SAA limits
  • Periodic report of the head of the Anti-Financial Crime function
  • Periodic monitoring of concentration limits
  • Examination of actuarial reports on the Parent Company’s technical reserves
  • Actuarial analysis on reserving
  • Examination of reporting on investments
  • Report on the results of 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
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
  • Report on the Group technical reserves pursuant to Solvency II 
  • Opinion on the Group RSR and SFCR 
  • Opinion on the 2021 ORSA Report at Group level
  • Examination of the regulation on management and coordination activities 
  • Report on the independent review and check on methods used to measure assets and liabilities other than the Generali Group’s technical reserves 
  • Examination of the periodic report of the head of the Internal Audit function 
  • Periodic report on liquidity metrics and monitoring of limits
  • Information on the reports of the External Auditors (s. 14 Lgs.Decree no. 39 of 27 January 2010, s. 10 Regulation (EU) no. 537/2014, s. 102 Lgs.Decree no. 209 of 7 September 2005, s. 11 Regulation (EU) no. 537/2014)

 

SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
  • Periodic report on economic solvency at local and Group level
  • Examination of the underwriting and reinsurance reports at Group and Parent Company level
  • Examination of 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
  • Report on the 2021 Validation Report at Group and Parent Company level 
  • Periodic report on SAA limits
  • Report on private equity investments
  • Report of the head of the Anti-Financial Crime function
  
SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
  • Periodic report on Group economic solvency
  • Periodic assessment of the adequacy and efficacy of the ICRMS
  • Periodic update on the activities of the Key Functions
  • Periodic report of the head of the Internal Audit function on complaints management
  • Report on the Integrated Data Quality System at Group level
  • Periodic update of the MPFR
  • Examination of periodic reporting on investments 
  • Periodic report on impairment
  • Report on correct use of accounting principles for the Half-Year Reports
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 RAF capital metrics
  • Opinions on the regular policy review at Group and Parent Company level
  • Periodic monitoring of SAA limits
  
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 economic solvency at Group and local level
  • Review of powers attributed to the head of the Group Audit function 
  • Periodic report on liquidity metrics and monitoring of limits
  • Periodic monitoring of concentration limits
  • Review of the Liquidity Risk Management Plan, the Recovery Plan and the Systemic Risk Management Plan
  • Examination of the periodic report of the head of the Internal Audit function
  • Report on Tax Control Framework activities
  • Examination of periodic reporting on investments
  • Periodic report on impairment
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 
  • Opinions on the regular policy review at Group and Parent Company level 
  • Review of the RAF
  • Periodic report on private equity investments
  • Periodic monitoring of SAA limits
  • Periodic report on statistical information

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