Risk governance

Main elements in our risk governance model:

• the Board of Directors, assisted by the Risk & Compliance Committee, which decides on the risk appetite – also defining the risk strategy – each year and supervises the risk exposure in relation to the risk appetite;
• the Executive Committee – supported by activity-based risk committees – which is the senior management level committee responsible for integrating risk management with risk appetite, strategy and performance goal setting;
• the CRO Services Management Committee and activity-based risk committees mandated by the Executive Committee;
• risk-aware business people who act as the first line of defence for conducting sound risk management;
• a single, independent risk function that comprises the Group Chief Risk Officer, local CROs, local risk functions and the group risk functions. The risk function acts as (part of) the second line of defence. The internal audit acts as third line of defence.

The business of bancassurance is exposed to a number of typical risks, such as credit risk, market risk , liquidity risk , technical insurance risk, operational risk and other non-financial risks. Controlling all these risks is one of the most crucial tasks of management.

More information on risk management can be found in:

• The dedicated Risk reports of the group
• The section ‘Risk Management’ of the group’s  Annual reports