Risk management
Identify and manage risks and understand opportunities.
Creating a risk strategy and identifying opportunities
As a pension fund or insurer, you are expected to comply with laws and regulations, and above all you want to achieve honest and controlled operations. Risk management is increasingly a priority for regulators, with risk-based thinking becoming a required management skill. This makes risk management an integral part of the operations of pension funds and insurers.
Setting up risk management based on the risk management cycle, the ‘Three Lines Model’, and actively implementing risk management contribute to achieving integer and controlled operations.
We therefore take DNB’s FIRM Focus categories as a basis to steer, monitor and report on. To effectively manage all risks within the organisation, we implement control of the Firm Focus categories. By anticipating potential risks, effective control measures can be taken to avoid, reduce, prevent, mitigate, or accept the risks.
What we do
Besides identifying risks, risk management provides insight into opportunities. Projective Group helps not only in creating a risk strategy and attitude, but also in identifying and seizing opportunities. For example, we help with:
Risk management policy
The risk management policy defines the frameworks and principles for the design and implementation of risk management. Linking to the organisation’s strategy and determining the risk attitude are important cornerstones of integrated risk management.
Setting up risk management and governance
Based on the risk management policy, the risk management processes are (re)designed. In setting up the governance, the positioning of key function holders and their work is aligned and determined.
Risk analysis
In a risk analysis or risk self-assessment, risks are formulated together with stakeholders, the gross risk score determined, control measures defined and the net risk score determined. The outcome is recorded in a risk dashboard or log. This is updated periodically.
Assessment (IB)
DNB regularly sends out questionnaires and assessments. Completing and executing these fully and correctly and providing the required documentation requires specialist knowledge and takes a lot of time. So does following up on the outcome of the assessment and DNB findings.
Risk reports
During the implementation of risk management, reports such as the ISAE are received and reviewed. For steering risk management, reports such as the Financial Risk Report and the Non-Financial Risk Report may be prepared.
Risk management functions
Three organisational lines are involved in the implementation of risk management. The first is primarily responsible for implementation. The second monitors the work carried out and advises the first line. The third is independent and assesses the work carried out by the first and second lines. Projective Group can fulfil all these roles on an interim basis and support the set-up can and cooperation between these three lines.
