There is an interplay between the individual bodies and functions
in our risk management system. Their roles and responsibilities
are clearly defined.
Central elements of the risk management system |
Body/function |
Key risk management tasks |
Supervisory Board |
- Advising and supervising the Executive Board in its management of the company, inter alia
with respect to risk management, on the basis of the Supervisory Board’s Rules of Procedure
|
Executive Board |
- Overall responsibility for Group-wide risk management
- Responsibility for the proper functioning of risk management
- Definition of the risk strategy
|
Risk Committee |
- Operational risk management, monitoring and coordinating body
- Implementation and safeguarding of a consistent Group-wide risk management culture
|
Chief Risk Officer |
- Responsibility for holistic risk monitoring across the Group as a whole and the business groups (systematic identification and assessment, control/monitoring and reporting) of all material risks from the Group perspective (technical risks in life/health and non-life reinsurance, market risks, credit risks, operational risks and other risks)
|
Group Risk Management |
- Risk monitoring across the Group as a whole and the business groups of all material risks from the company perspective
- Methodological expertise in the development of processes and methods for risk analysis, assessment and management as well as for risk limitation and reporting
|
Business units 1 |
- Risk steering; primary responsibility for risk identification and assessment on the departmental level based on the guidelines of Group Risk Management
- Setting up and monitoring of the department's internal control system (ICS)
|
Internal Auditing |
- Process-independent and Group-wide supervision on behalf of the Executive Board
|