EN
PL
Risk management in PZU Group is based on risk analysis of all processes and entities, and it is an integral part of the management process.
Risk management aims to:
- increase the value of PZU Group through active and conscious management in the amount of exposure to risk;
- prevent acceptance of risk at a level which could threaten the financial stability of PZU Group.
Risk management in PZU Group is based on risk analysis of all processes and entities, and it is an integral part of the management process.
The main elements of an integrated risk management system are consistent for all insurance companies of PZU Group and implemented in a way which ensures the realization of strategic plans of individual companies and secures business objectives of the whole PZU Group.
The main elements of an integrated risk management system are consistent for all insurance companies of PZU Group and implemented in a way which ensures the realization of strategic plans of individual companies and secures business objectives of the whole PZU Group. They include, among others:
- systems of limits and restrictions of the acceptable risk level, including the level of risk appetite;
- processes of identifying, measuring and assessing, monitoring and controlling, reporting and managing actions with respect to individual risks;
- risk management organizational structure, in which Management Boards and Supervisory Boards of companies, as well as dedicated Committees, play the key role.
Companies from other financial market sectors are obliged to follow the standards applicable to a given sector. In internal regulations adopted by them they specify, among others, the following:
- processes, methods, and procedures that enable risk measurement and management;
- segregation of duties in the risk management process;
- scope, terms and conditions, and frequency of reporting on risk management.
PZU supervises the PZU Group risk management system under cooperation agreements with PZU Group entities and on the basis of information provided as per such agreements. It also manages PZU Group aggregated risk, especially as far as the capital requirements are concerned.
Moreover, there exist the processes in PZU Group that help ensure effectiveness of risk management on the Group level. Risk management rules in the PZU Group subsidiaries include recommendation of PZU (parent company) concerning the organization of risk management system in subsidiaries in both insurance and banking sector.
The management boards of the PZU Group entities are responsible for performing their duties in line with generally applicable regulations of domestic and international law, especially for implementing adequate and effective risk management system.
Supervisory Boards exercise supervisions over risk management systems in particular regulated entities. In its subsidiaries, including Alior Bank, PZU designates its representatives to join the supervisory boards.
