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ERM Frameworks and Responses to risk [55]

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Bullet points include: Potential Group Requirements Pillar 1 Quantitative Requirements Technical Provisions SCR and MCR (Solvency Capital Requirement and Minimum Capital Requirement) Prudent person inv. rule Own funds (3 tiers) Market consistent, total balance sheet, standard formula or internal model Pillar 2 Qualitative Requirements Internal control Risk management, including ORSA (Own Risk and Solvency Assessment) Supervisory review process (qualitative and quantitative, and possible add-ons) Focus on firm responsibility Convergence of supervisory practices Pillar 3 Reporting Supervisory reporting, including SFCR and RTS (Solvency and Financial Condition Report and Report to Supervisor) Public disclosure Market discipline Convergence of supervisory reporting Ratings agencies etc.

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