define and categorise material risks (by type) to which the insurer is exposed, at both insurance legal entity and group level where applicable, and the levels of acceptable risk limits for each type of these risk.provide a documented process defining the Board approval required for any deviations from the risk management strategy or the risk appetite and for settling any major interpretation issues that may arise.provide explanations of the methodologies, key assumptions and limitations of risk management for groups this would include the rationale as to the risk appetite for different individual insurance legal entities within the group.provide relevant objectives, key principles and proper allocation of responsibilities for dealing with risk across the business areas and business units of the insurer.provide that the insurer’s risk appetite, expressed in a risk appetite statement, be aligned with the insurer’s business strategy and embedded in its day-to-day activities.take into account the insurer’s overall business strategy and business activities (including any business activities which have been outsourced).Holistic Framework implementation assessmentĪn effective risk management system should:.Diversity, Equity and Inclusion at the IAIS.
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