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.
Luisa Torchia
CHAIR
Non-executive independent director
Marina Brogi
MEMBER OF THE COMMITTEE
Non-executive independent director
Umberto Malesci
MEMBER OF THE COMMITTEE
Non-executive 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
Stefania Bergamo
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
2025 RCC diary - Main opinions and valuations
Solvency II
- Opinions on the regular Group and Parent Company policy review.
- Report on the Group and Parent Company technical reserves pursuant to Solvency II.
- Periodic report on the Group Asset Management business.
- Periodic report on economic solvency at local and Group level.
- Opinion on the Group and the Parent Company ORSA Report, RSR and SFCR for 2024.
Internal controls, risk management
- Periodic updating on the activities of the Key Functions, opinion on the 2025 plan of their activities, their expenditure budgets and the succession plans of the heads of the Core Functions.
- Proposal relating to the remuneration of the heads of the Key Functions.
- Results of the annual taxonomy update at Group level.
- Examination of results of 2024 Risk Assessment on operating and compliance risks.
- Induction and information on anti-financial crime aspects.
- Examination of the RCC budget for 2025.
- Periodic report of the head of the Internal Audit function on complaints management.
- Periodic assessment of the adequacy of the organisational and administrative accounting structure with respect to risk management and the system of delegated powers and of the fitness for purpose and effectiveness of the ICRMS.
- Periodic monitoring of SAA limits.
- Opinion on the MPFR’s activity plan and 2025 expenditure budget.
- Examination of the reports on remuneration policies prepared by the heads of the Key Functions.
- Report on the independent review and check on the methods used to measure assets and liabilities other than the Group’s and Parent Company’s technical reserves.
- Periodic report on liquidity metrics and monitoring of limits.
- Report on the cooperative compliance system and activities relating to the tax control framework Update of the Group and Parent Company Fit & Proper Policy.
- Report on the governance model for key risks.
- Report on the letter of variation of the fees relating to the audit engagements conferred on the External Auditors.
- Periodic report on ICT security issues.
- Periodic report on RAF capital metrics.
- Examination of the underwriting and reinsurance reports at Group and Parent Company level.
- Examination of the Group and Parent Company quarterly audit report.
- Periodic report on private equity investments.
- Update on pending litigation in Group companies.
- Review of the annual report on intra-group transactions.
- Report on the delegated powers of one head of key functions.
- Update on the implementation of the Digital Operational Resilience Act (“DORA”) in the Group.
- Opinion on the updates to the Policy on information flows to the governing bodies.
- Report on the Group’s Integrated Data Quality System and the activities within the remit of the MPFR.
- Report on the EIOPA stress test.
- Periodic update from the MPFR.
- Report on updates to the Internal Model.
- Review of the Liquidity Risk Management Plan, the Recovery Plan and the Systemic Risk Management Plan.
- Update on sustainability risk management.
- Annual report on the state of security, crisis management model and significant outsourcing contracts.
- Assessment of Fit&Proper requirements of Key Personnel in Key Functions.
- Report on the Group Audit Strategy.
- Report on Product Oversight and Governance.
- Report on the 2026 AML programme in order to comply with the European regulatory package.
- Update on the governance of the Asset Management business.
Financial and accounting documents, investments
- Opinion on impairment testing procedures, pursuant to joint Bank of Italy/ CONSOB/ISVAP document no. 4 of 3 March 2010.
- Examination of report on reinsurance distribution.
- Periodic examination of reporting on investments.
- Report on the results of goodwill impairment testing.
- Assessment of the correct use of accounting policies and their consistency among the Group companies for the purpose of the consolidated financial statements, and assessment of correct use of accounting policies for the Parent company’s financial statements and half-year report.
- Information on the reports of the External Auditors.
- Actuarial analysis on reserving and review of actuarial reports on technical reserves.