Generali Group

                                 

          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 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 - Ph. Giuliano Koren

          Alberta Figari
          CHAIR
          Non-executive independent director

          Composition

          Ines Mazzilli
          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

          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

          Sandro Panizza
          Group Chief Insurance & Investment Officer

          Anna Pieri
          Group Head of Actuarial Function

          Michele Valeriani
          Group Head of Anti Financial Crime


          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
           
          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
          • 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
          • 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 Companys 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
          • 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
          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
          • 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
           

           

          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
          • Examination of periodic reporting on investments
          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
           
          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
          • 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
          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
           
          SOLVENCY II INTERNAL CONTROLS, RISK MANAGEMENT FINANCIAL AND ACCOUNTING DOCUMENTS, INVESTMENTS
           
          • Report on specific risk areas
          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
          • 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
          • 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
          • Review of the Risk Appetite Framework
          • Report on private equity investments
          • Examination of the framework resolution on the parent company’s investments, pursuant to IVASS Regulation no. 24/2016

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          RCC DIARY 2020 – Main opinions and valuations 257 kb