PINS Chapter 2 Risk management
Guidance for ch 2
1 Risk management should be directly overseen by an insurer's governing body. For those obligations of an insurer, see CTRL, rule 2.2.3 and rule 2.2.4.
2 CTRL, rule 4.1.4 (4), requires an authorised firm (including an insurer) to establish and regularly review its risk management strategy, which must be appropriate to the nature, scale and complexity of its business.
3 The purposes of Chapter 2 are—
(a) to identify risks that must be specifically addressed in an insurer's risk management policy; and
(b) to set out the requirements for an insurer to document its risk management policy through the establishment and maintenance of a risk management strategy.
4 For further guidance in relation to an insurer's risk management policy, see Schedule 1.
5 There are requirements applicable to an insurer in CTRL, Chapter 4, in relation to internal audit (CTRL, division 4.1.D) and actuarial advice (CTRL, division 4.1.E).
|Editorial changes (as from 1 January 2015).|