EXAMPLE PAGE - ANNUAL REPORT - THE SWEDISH CLUB - Flipbook - Sida 60
FINANCIAL STATEMENTS - NOTES
Figure 2.1. Organisation and internal control
The CM is responsible for identifying,
evaluating and reducing the risks in
connection with deficiencies in
compliance; monitoring relevant legislation
and changes in existing
rules and regulations; providing support
and guidance to the organisation regarding
regulatory compliance; as required,
providing information and training on rules
and regulations; obtaining confirmation of
regulatory compliance from the managers
in charge; and providing support to the
organisation whenever new policies,
routines and instructions are need to be
created.
Managing Director
Corporate Legal
Finance, Risk
Management & IT
Human Resources
Strategic Business
Development and Client
Relations
Marketing
Communications
Underwriting
Reinsurance & Risk Control
Team Gothenburg
Team Piraeus
Team Asia
Operational functions
Managers of the operational functions or
geographic teams are responsible for the
internal controls and regulatory compliance
within their area of responsibility. They must
ensure that the employees in their
department are well acquainted with the
guidelines and instructions in the
management system, as well as all rules
and regulations. The managers must
control and monitor compliance within their
area of responsibility. They must also
implement corrective measures whenever a
lack of compliance has been detected. The
managers of functions and teams are also
responsible for informing the risk
management, actuarial, compliance and
internal audit entities about any
circumstances that may be relevant to the
performance of their respective areas of
responsibility.
Risk management function
The risk management function is an
independent central function responsible
for ensuring that risks are identified,
measured, managed, controlled,
monitored and reported. The risk
management function has overall
responsibility for quantifying and
modelling risks, along with developing
and maintaining the Club’s ICM. The risk
management function uses adequate
methods and techniques for that
purpose, including stochastic models,
sensitivity analysis and scenario tests.
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Team Norway
Team London
The risk management function has
overall responsibility for implementing an
effectively functioning risk management
system. The function is independent of
the operational activities. The risk
management function is responsible for
compliance with the Board’s directive on
risk tolerance and solvency. It also
coordinates and is responsible for the
Club’s ORSA. Twice per year, the function
must prepare and submit a risk control
report to the Board.
The CCO is responsible for designing
methods and routines for control of
regulatory compliance, along with
identifying significant risks in operations if
any deficiencies in compliance are detected.
The risk analysis is continually updated and
control of regulatory compliance is carried
out in accordance with the audit plan
adopted by the Board. All implemented
control activities must be reported to the
Board, or, if the Board has decided such, to
the Finance & Audit Committee.
The CC is responsible for assisting the
regulatory compliance efforts of the various
operational functions.
Figure 2.2.
Allocation of responsibilities
Actuarial function
The actuarial function is responsible for
coordinating the calculations of technical
provisions, participating in
implementation of the ORSA process and
strengthening the Club's risk
management system.
The function is required to state an
opinion on the overall underwriting policy
and suitability of the reinsurance
programme. Once per year, it must also
prepare and submit a report to the Board
on the work it has done, noting any
deficiencies in compliance and providing
recommendations on corrective
measures.
Compliance function
The compliance function consists of a
Compliance Manager (CM), Compliance
Control Officer (CCO) and Compliance
Coordinators (CC).
THE SWEDISH CLUB ANNUAL REPORT 2021
Appointed by
Reports to
Inform
General Meeting
Board of Directors
Finance & Audit Committee
External
Audit
Risk Management
function
Managing Director
Actuarial
function
Internal
Audit
Compliance
function
The figure illustrates important information
flows and allocation of responsibilities.