ERM concepts and Risk categorisation [37]

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Bullet points include: Solvency II is “not just about risk measurement and quantification, rather it is about effective governance and risk management” (source: CEIOPS) Pillar 2 (of three) focuses on: Supervisory authorities – how they should review companies they supervise Own Risk and Solvency Assessment (ORSA) and other governance elements ORSA: aims to ensure that undertakings identify and assess all risks that they are (or could be) exposed to, maintain sufficient capital to face these risks, and develop and better use risk management techniques in monitoring and managing these risks

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