annual report 2020 - Flipbook - Side 49
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2020
Industriens Pension aims at promoting risk awareness among its employees and the overall view on
risk is therefore integrated in the day-to-day management of the company's risk activities.
Note 23 - Remuneration of Board of Directors
The chairman and deputy chairman received annual remuneration of DKK 247,512 in 2020. This remuneration also
Risk identification and assessment
in committees in Industriens Pensionsforsikring A/S. Other members of the Board of Directors received
The most important element of Industriens Pension's risk management is to ensure that all significant
risks from the current business model and activities are identified, quantified, assessed, managed and
remuneration in 2020 of
DKK 123,756. Other members of the Board of Directors who are also members of the Investment Committee or the
Audit Committee also received remuneration of DKK 67,504 in 2020, while the chairman of the Audit Committee
The assessment of individual risks takes account of the risk for members, the risk faced by the company
as well as the size of the own funds to cover current solvency capital requirements.
received remuneration of DKK 90,006.
Mads Andersen, chairman
Kim Graugaard, deputy
Lars Ingemann Nielsen
Rasmus Sejerup Rasmussen
Note 24 - Risk management
Through its policies and guidelines, the Board of Directors of Industriens Pension determines the
overall level of the company’s risk taking and the framework for ongoing risk management.
The day-to-day management monitors risks on an ongoing basis, and ensures compliance with the
frameworks stipulated. The Board of Directors receives regular reports on compliance with individual
Industriens Pension's view on risks
Industriens Pension's view on risks is to acknowledge that results desired are generated through
controlled risk willingness and that risks should therefore be managed and controlled; and not
Alle potential risks are regularly assessed, and if the risk exceeds the acceptable level, initiatives are
implemented in order to mitigate the risk to a lower, acceptable level. Such initiatives are implemented
in policies, guidelines and internal procesures, as well as in establishment or adaptation of internal
The majority of members of Industriens Pension have a market-rate product, where each member
carries most of the risks. For these members, a key element of the risk assessment is to ensure that
the individual member is not subject to an inappropriate risk.
Every year, the Board of Directors approves an overall risk assessment, which is subsequently
submitted to the Danish Financial Supervisory Authority and communicated to all relevant employees
at Industriens Pension.
Risk management in practice
In accordance with the Executive Order on Management and Control of Banks etc., separate actuary,
compliance and risk-management functions have been set up, as well as an internal audit function.
Furthermore, a person has been appointed to be responsible for each function. In addition to these
functions, Industriens Pension has also appointed a data protection officer and two persons
responsible for the money laundering area; one for the member and business area, and one for the
investment area. Moreover, a whistleblower system has been set up, allowing employees the
possibility to report incidents.
The risk function plans work on risk and regularly prepares reports on the risk area. It is crucial for
Industriens Pension that practical work on implementing management of the individual risks is rooted
with the staff responsible in the individual departments. The individual heads of department are
therefore responsible for identifying new risks and ensuring that these are mitigated with suitable
controls. Errors and other inappropriate incidents are identified and assessed. These assessments
are incorporated in work on risk and to organise controls.
The risk management function regularly follows up on risks identified, controls implemented and error
Most significant risks for Industriens Pension
Current risks can be divided into market risks, business risks, as well as operational and strategic risks.