Review
Risk management – effectively understanding and governing risk
Risk governance and reporting structure
The chart below outlines our structure for the governance and reporting of risk.
Key developments in 2007 included:
- Review of our risk framework in conjunction with the Group Risk Committee. This includes changes to our methodology for risk definition and evaluation, as well as a more detailed methodology for the analysis of our controls. These changes will result in clearer evaluation of our risks and enhanced governance and transparency over the operation of our controls.
- A review of our risk management software and commissioning of a replacement system for implementation in 2008.
- Development of an economic modelling capability across the entire Group, whereas previously it existed only for the Syndicate.
- Independent review of the quality and accuracy of our underwriting price monitoring and recording.
- Development of an improved risk appetite definition, which will be completed in 2008.
Risk management governance structure
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