Management Of Operational Risks In Insurance - Current Situation, Trends And Benchmarks When Dealing With Operational Risks, Part 2

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Management Of Operational Risks In Insurance - Current Situation, Trends And Benchmarks When Dealing With Operational Risks, Part 2

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5. REPORTING

In order to define an individualized, optimally designed

reporting system for each company, the main question is what

general objective should be achieved by the overall company ORM.

This originates from the risk policy (cf. chapter 2), in which the

corporate ORM guidelines are formulated. Only based on the defined

objective is it possible to address further important questions

concerning the organization of a reporting system, and these are

then tackled in a targeted way to achieve the individual

objective.

Who is responsible for the reporting and what reporting lines

should be considered? What form, content and scope should the

reporting system have? At what moment should which addressee be

informed? How were measures developed from the reporting

results?

Within the framework of the study, focus was especially put on

the form of reporting, internal as well as external, the reporting

frequency and information recipients.

Form of reporting (internal)

Internal reporting can consist of a daily status report of all

OpRisk to management, be limited to reporting only events exceeding

a certain threshold or reduced to simple loss-data acquisition with

half-yearly reporting.

Differences in the form and specificity of the reporting are

also shown in the study. Here, the following trends can be

recognized:

Almost all those surveyed...

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