Risk Management

For insurers, managing risk is what we do every day. It is a fundamental part of our business. Achmea’s risk management is comprehensive and well organised. It has to be. We are responsible for maintaining continuity for our customers and other stakeholders. Achmea adheres closely and consistently to its prudent low-risk profile. Risk management, underpinned by Achmea’s risk appetite and integrated risk management framework, identifies, assesses, mitigates and controls the full range of risk categories applicable to our business.

Achmea works with a three lines of defence model. The first line of defence comprises the management of the Group, divisions and operating companies and refers to the risk management embedded in the business itself. The second line is composed, among others, of Risk & Compliance and risk management, actuarial and compliance departments in the divisions and operating companies. In 2012, the second line will be further strengthened at Group level through the establishment of the Risk & Compliance department which will be responsible for the risk, actuarial and compliance function. The third line provides additional assurance on governance, risk management and internal controls. At the highest level of the organisation, the Executive Board and the Supervisory Board, including the Audit & Risk Committee, have an important role in risk management. The Executive Board is responsible for ensuring that effective internal risk management and control systems are in place. The Supervisory Board discusses the risks of the business and the structure and operation of the internal risk management and control systems.