ERM Developments and Opportunities [7]

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Bullet points include: Requires firms to implement a comprehensive risk management framework and other governance elements (i.e. ‘ERM’). Firms need to carry out ‘in development’ Own Risks and Solvency Assessment (ORSA) in 2014 and in 2015 before go-live in 2016. Draft Delegated Act, published October 2014. Systems of governance covered in Articles 258 – 275. Firms required to have a risk management function (269), compliance function (270), internal audit function (271) and actuarial function (272). Capital add-ons can be imposed in relation to deviations from SCR assumptions (282), transitional measures (284 – 285) or in relation to deviations from governance standards (286)

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