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
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
2023 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 economic solvency at local and Group level.
- Opinion on the Group and the Parent Company Regulatory Supervisory Report and Solvency Financial Condition Report.
- Opinion on the Group and the Parent Company 2022 ORSA Report
- Review of the Risk Appetite Framework.
Internal controls, risk management
- Examination of results of 2022 Risk Assessment on operating and compliance risks.
- Results of annual taxonomy update at Group level.
- Periodic report of the activities conducted by the Key Functions, opinion on their 2023 activity plan and their and budgets.
- Examination of the 2023 incentives system for the heads of the Key Functions.
- Examination of the RCC budget for 2023.
- Report on the governance model for key risks.
- Periodic report on ICT security issues.
- 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.
- Examination of changes to investment powers.
- Report on Integrated Data Quality for the manager in charge of preparation of the Company’s financial reports and the Non-Financial Statement.
- Opinion on the manager in charge of preparation of the Company’s financial reports’ activity plan and 2023 expenditure budget
- Periodic monitoring of Strategic Asset Allocation Limits.
- Examination of the reports of the heads of the Key Functions on remuneration policies (s. 58 IVASS Regulation no. 38 of 3 July 2018).
- Examination of the regulation on management and coordination activities.
- 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 the budget of the Group’s Key Functions’ employees.
- Report on the cooperative compliance system, Tax Control Framework activities and the three-year monitoring plan.
- Periodic report on liquidity metrics and monitoring of limits.
- Periodic monitoring of concentration limits.
- Periodic report on Risk Appetite Framework capital metrics.
- Report on the renewal of the Group’s 2023 reinsurance policy.
- Examination of the underwriting and reinsurance reports at Group and Parent Company level.
- Examination of the quarterly audit report at Group Company and Parent company level.
- Report on the organisational updates of Key Functions.
- Update on the implementation of the “Operational and digital risk framework”.
- Update on the Climate Change Risk Management Project.
- Report on the identification of the Group CEO as the Group’s beneficial owner.
- Induction on anti-money laundering and international sanctions.
- Report on the Group’s Integrated Data Quality System and the activities within the remit of the manager in charge of preparation of the Company’s financial reports.
- Periodic update of the manager in charge of preparation of the Company’s financial reports.
- Review of the Liquidity Risk Management Plan, the Recovery Plan and the Systemic Risk Management Plan.
- Periodic report on private equity investments.
- Report of the head of the Anti-Financial Crime function.
- Examination of the amendments to the Group’s Code of Conduct.
Financial and accounting documents, investments
- Examination of report on reinsurance distribution.
- Opinion on impairment testing procedures, pursuant to joint Bank of Italy/ CONSOB/ISVAP document no. 4 of 3 March 2010.
- Report on the results of goodwill impairment testing.
- Assessment of correct use of reporting standards and their consistency among the Group companies for the purpose of the consolidated financial statements, and assessment of correct use of reporting standards for the Parent company’s financial statements.
- Examination of actuarial reports on the Parent Company’s technical reserves.
- Actuarial analysis on reserving.
- 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).
- Periodic examination of reporting on investments.
- Report on the correct use of reporting standards for the Half-Year Report.