Internal Control and Risk Management Framework
The Internal Control and Risk Management (ICRM) Framework embodies the corporate governance philosophy of the Company. Based on the Generali Group’s Enterprise Risk Management model, the ICRM defines the roles and responsibilities of the governance bodies (i.e. Board of Directors and sub-committees), the operating units, and monitoring functions (i.e. Risk Management, Compliance, and Internal Audit).
The ICRM categorizes Corporate functional responsibilities into two levels: operational, and review and control. These categories are further sub-categorized into three lines, for internal control and risk management purposes. These are the following:
- Operational functions (‘Risk Owners’)
- Risk Management and Compliance functions
- Internal Audit function
The overall objective of ICRM is value creation for the Company’s stakeholders – customers, shareholders, and regulators, through a strong internal control and risk management system.
