Risk Management

last update  06/03/2020

Banca Generali’s internal control system is divided into the following three levels:

  •  first-level controls, aimed at ensuring that activities are conducted properly. Such controls are undertaken by production units or are included into procedures;
  • risk management controls, aimed at identifying, measuring, controlling and managing all risks (credit, market, operating and strategic risks, etc);
  • compliance controls, aimed at preventing non-compliance in the rendering of services.

Within Banca Generali, such controls are entrusted to:

  • the Compliance function entrusted with preventing the risk of non-compliance with applicable legislation, including the risk of money laundering and financing of terrorism;
  • the Risk Management function, entrusted with the task of identifying, measuring, controlling and managing other risks (credit, market, operating and strategic risks, etc.);
  • internal audits (or third-level controls), entrusted to the Internal Audit function, which performs controls aimed at identifying anomalous performances and violations of procedures and regulations and assessing the overall functioning of the entire internal audit and risk management system.

The above-mentioned activities are complemented by those of the Law 262 Organisational Unit, with reference to the administrative-accounting risk (Law No. 262/2005).

Functions in charge of the internal audit and risk management system:

Board of Directors

  • bears the final responsibility in the system
  • establishes guidelines
  • periodically assesses the appropriateness and efficiency of the system

Top Management

  • implements strategic guidelines
  • constantly monitors the appropriateness of the system

Board of Statutory Auditors

  • oversees the adequacy and compliance of the system and its actual functioning

Internal Audit and Risk Committee

  • supports the Board of Directors discharging investigative, consultative and recommendatory duties

Risk Committee

  • ensures coordinated coverage of the system for managing and controlling risks
  • addresses specific operating issues with decision-making powers relating to risk containment measures

Law 262 Organisational Unit

  • guides and coordinates administrative and accounting risk management activities
  • supports the Manager in charge of this function

Risk Management Service

  • identifies, measures, assesses and monitors all types of risk to which the Group is exposed, with the exception of the risk of non-compliance

Compliance Service

  • assesses the adequacy of company processes and procedures in order to prevent the risk of non-compliance to the regulations • supervises the distribution network's actual behaviour

Anti Money Laundering Service

  • prevents and combates transactions involving money laundering and financing of terrorism

Internal Audit

  • oversees and assesses the efficiency and effectiveness of Internal Control System For further information, see “Three levels of control, risk management and Law 262 Organisational Unit”
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