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(1)
    Head of Group Audit

    Maurizio Basso
    Group Compliance Officer

    Sandro Panizza
    Group Chief Risk Officer

    Salvatore Colotti
    Head of Group Actuarial Function

    (1) Effective by October 1st 2017. The interim will be managed directly by the first reporting line of the Head of Group Audit, under the supervision of the Chairman of the Board of Directors of Generali Group Gabriele Galateri di Genola, assisted in this activity by the Chairman of the Control and Risk Committee.


    2016 RCC DIARY - Main opinions and assessments

    The main committee’s activities in 2016 are listed in the following chart.

    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Report on the Regulatory Solvency Ratio validation by the Auditing Firm
    • Report on activities of the control functions 2015
    • Opinion on the action plan 2016 of the control functions and relevant budget
    • Assessment of the remuneration of the head of control functions (2015 targets and draft 2016 targets)
    • Draft 2016 budget for the Committee
    • Opinion on Group policy
    • Opinion on the Report on complaint management
    • Opinion on compliance with the joint regulation of Bank of Italy and CONSOB of 29 October 2007
    • Opinion on the Report on complaints for the distribution of insurance financial products pursuant to CONSOB resolution n. 17297 of 28 April 2010
    • Opinion on impairment test procedures pursuant to joint Bank of Italy / CONSOB / ISVAP document no. 4 of 3 March
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Update on the process for the approval of Solvency II internal model
    • Opinion on Group policy
    • Opinion on the adequacy of the organisational, administrative and accounting structure of the Company and its strategic subsidiaries
    • Assessment on the adequacy and efficacy of the Internal Control and Risk Management System
    • Opinion on the Report by heads of control functions on the implementation of remuneration policies pursuant to s. 23 of ISVAP Regulation no. 39 of 9 June 2011
    • Report on Group risk exposure at the end of 2015
    • Reports on liquidity metrics and limit monitoring
    • Update on the FP; opinion on 2016 action plan and relevant budget
    • Assessment of reporting on investments
    • Assessment on the proper application of accounting standards and harmonised use between the Group companies for the purpose of the consolidated financial statements
    • Report on private equity investments
    SOLVENCY II

    INTERNAL CONTROLS, RISK MANAGEMENT

    FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS

     

    • Opinion on the Report on the Internal Audit and Risk Management System, pursuant to s. 28, paragraph 2, of ISVAP Regulation no. 20 of 26 March 2008
    • Opinion of the Parent Company pursuant to article 28-bis of ISVAP Regulation no. 20 of 26 March 2008
    • Opinion on Group policy
    • Opinion on the Sustainability Report 2015
    • Assessment of the reports of the Auditing Firm and the appointed actuary the financial statements 2015
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Reporting on the technical provisions pursuant to Solvency II
    • Reporting on risk capital pursuant to Solvency II
    • Reporting on the changes to the internal model

     

    • Assessment on the reporting on investments
    • Assessment of the corporate day one report
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Reporting on the technical provisions pursuant to Solvency II
    • Reporting on the changes to the internal model and the Group Validation Report 2015
    • Reporting on the solvency ratio at local level
    • Opinion on Directives on internal control and risk management
    • Opinion on Group policy
    • Assessment of the ORSA Report 2015 of the Company and the Group
    • Assessment of the Group day one report
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Reporting on the Group Validation Report 2015
    • Reporting on risk capital pursuant to Solvency II
    • Reporting on the changes to the internal model
    • Opinion on Group policy
    • Reporting on the action plan progress 2016 of the control functions and update on the Audit Plan 2016
    • Assessment on the adequacy and efficacy of the Internal Control and Risk Management System
    • Report on complaint management
    • Opinion on the replacement of the manager in charge of reporting suspect transaction on anti-money laundering
    • Reports on liquidity metrics and limit monitoring
    • Update of the DP on its activities
    • Assessment on the reporting on investments
    • Reporting on half-year reports and quarterly trends
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Assessment of the changes to the internal model and the documents for IVASS on the approval application on changes to the internal model
    • Reporting on the solvency ratio at local level
    • Opinion on Group policy
    • Assessment of investment policies of the Company and the Group
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Reporting on Solvency II topics
    • Review of the Liquidity Management Plan, the Recovery Plan and the Systemic Risk Management Plan
    • Reports on liquidity metrics and limit monitoring
    • Assessment on the reporting on investments
    SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING REPORTS AND INVESTMENTS
    • Opinion on the Risk Appetite Framework
    • Reporting on the solvency ratio at local level
    • Opinion on Group policy
    • Opinion on the Audit Plan 2016 update
    • Launch of the evaluation process on the adequacy of the organisational, administrative and accounting structure of the Company and its strategic subsidiaries
    • Topics on remuneration of the heads of control functions
    •  Report on private equity investments 

    Download

    • 19 Apr 2016

      2016 RCC DIARY - Main opinions and evaluations

      122 kb