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Functions within the risk management system

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
Treaty departments and service departments in the non-life and life/health reinsurance business groups as well as the investments sector
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 units1
  • 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


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