Risk Management
Inspired by the desire to deliver strategic objectives, to improve performance and to address a growing need to cater for regulatory requirements, Amlin has been developing and enhancing its risk management systems.
Over the past five years, we’ve invested in skills, technology and analysis to improve our understanding, reporting and management of the key risks which face the Group, both strategically and on a day to day basis.
Group risk management framework
| Risk appetite is approved by the Board. |
| Risk is reviewed by a Risk Committee which comprises senior management, meets quarterly and reports to the Board through the Audit Committee. |
| The Risk Committee reviews the Group’s top and emerging risks, as well as the effectiveness of controls, and considers what, if any, further action should be taken to mitigate risks. |
| Risks are clearly classified by category with responsibility for risk categories being defined and documented. |
| Risks and the adequacy of controls over risks are assessed and reported to the Risk Committee on a cyclical basis, the frequency of review depending on their nature and grade. |
| Amlin’s Internal Audit Department reviews the risk assessments performed by its Operating Divisions and other Departments. |
For further information on our risk governance and reporting structure, click here.
Development of Enterprise Risk
Management
The economic, or dynamic financial
analysis (DFA) model is a key enterprise wide stochastic tool which
enables us to analyse the potential economic performance of the
business. Output from such actuarial models is used to inform
our reserving and asset allocation as well as to test underwriter
assumptions on the profitability of individual business
lines. For further information,
click here.