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.
Marina Brogi
MEMBER OF THE COMMITTEE
Non-executive independent director
STABLE PARTICIPANTS
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 |
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