ERM & Risk Governance

The high level of regulatory sophistication and the recent crisis have clarified ERM outlines

The ORSA (1), ICAAP (2), GRC (3) processes meet the expectations of Pillar 2 and involve a necessary streamlining of risk management.

The three major challenges related to the adequacy of the required equity capital management over a strategic horizon, in regards to a specific risk profile, are:

 • Reconciling the equity capital assessment without excessively complicating the internal model
 • Integrating risk management in the process of operational and strategic decisions
 • Ensuring consistency and efficiency of the risk processes under both the economic risk capital and the internal control branches view.