Risk appetite / Risk team structure [26]

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Bullet points include: Is there a clear, shared understanding throughout the Board and management of the insurer‘s risk tolerance? Are the incentive arrangements for management aligned with prudent management of risk? What is the quality, health and transparency of risk information flows? Where are the capability gaps, if any? Are elements of the insurer‘s business destroying value on a risk adjusted basis? How is risk management connected with capital management / pricing / reserving? Is the true financial condition of the insurer transparent to stakeholders? Do the governance structures really work when there are stressful issues to deal with? Is the scope, composition and location of risk management committees and their relationship with the insurer‘s board governance structures adequate? Is the management operating model appropriate? Is risk management embedded in and aligned with the insurer‘s business model, required competencies, key processes, people and infrastructure?

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