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ERM Developments and Opportunities [10]

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Bullet points include: According to NAPF (2014), the proposed IORP II Directive is currently being discussed in EU’s ‘co-decision’ process, involving detailed scrutiny by Council of Ministers and the European Parliament. Proposals as at 17 September 2014 involve: New / modified requirements relating to System of Governance (Articles 21 – 32), including Articles covering fit and proper requirements(23), remuneration (24) and existence of specific control functions (25) including risk-management (26), internal control (26a), internal audit (27) and, where appropriate, actuarial (28). Requirement to carry out a ‘risk evaluation for pensions’ (29). Illustrative of wider societal trend towards enhanced risk management disciplines

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