RiskMgmt AXA_Risk_In_Insurance_QA.pdf

RiskMgmt AXA_Risk_In_Insurance_QA.pdf - 1 RISK MANAGEMENT...

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1 1 RISK MANAGEMENT IN AXA Risks in insurance Questions and answers David Veredas The aim of this class is to review the key learnings using the 2016 annual report of AXA. Before you start, it is good to read about the company and understand its business units and models. A quick overview of this can be found in the Group profile (pages 4 and 5), the CEO and Chairman’s messages (pages 6 and 7) and Chapter one “The AXA Group” (pages 9 to 25). If you need help with the terminology, see the glossary in Appendix VI (page 458). Question 1: In terms of Governance, which are the risk management responsibilities of Board of Directors and the Executive Management? Answer 1: As explained in page 192: “The Board of Directors is responsible for ensuring that an appropriate and effective system of internal control and Risk Management is in place across the Group. In this context, it can undertake all controls and verifications as it deems appropriate” “Executive Management oversees the implementation of the internal control system and the existence and appropriateness of internal control, as well as risk management monitoring systems within the Group” The composition of the Executive Management is explained in page 105. It consists of the CEO, the Management Committee, and the Partners Group. The Management Committee plays the role of the executive committee and it is advisory. Its composition is in page 133. The partners group assists the CEO to develop and implement strategic initiatives. It is also advisory.
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2 2 Q2: Does AXA use the three lines of defense? If yes, who are the owners and responsibilities?
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