Risk management process

The risk management proces in PZU Group is divided into two levels, PZU Group level and entity level. 

Two levels are distinguished in the risk management process:

• PZU Group level – ensures that PZU Group implements its business objectives in a safe way which is adequate to the degree of risk involved. This level engages the monitoring of limits and risks specific to PZU Group, such as: catastrophe risk, financial risk, counterparty risk, or concentration risk. PZU Group provides support in implementation of the integrated risk management system which encompasses introducing coherent mechanisms, standards, and operational organization of an effective internal control system (with special focus on compliance function), risk management system (especially in the reinsurance field), and security management system at PZU Group, as well as monitors their regular application. Dedicated employees from PZU Group cooperate with Management Boards of the companies and with management of such areas as finance, risk, actuary, reinsurance, investment, and compliance, under relevant cooperation agreements;
• entity level – ensures that a PZU Group entity implements its business objectives in a safe way which is adequate to the degree of risk involved by this entity. This level engages the monitoring of limits and specific risk categories present in a given entity and introducing coherent mechanisms, standards, and operational organization of an effective internal control system (with special focus on compliance function), risk management system (especially in the reinsurance field), and security management system to the structure of the integrated risk management system.