Ecclesiastical Insurance Office PLC Annual -7-
24 Marzo 2015 - 5:34PM
UK Regulatory
proceedings arising in The Compliance function which is
relation to legal rights. This headed up by our Group Compliance
includes the conduct elements of Officer has been further
failing to deliver fair outcomes strengthened during 2014 in response
for consumers or those that result to the continued increasing
in consumer detriment. importance of regulatory
compliance and the evolution of
regulation though the separate and
independent PRA and Financial
Conduct Authority (FCA) regimes.
The size of this risk has increased
during the year given the increasing
regulatory obligations
and expectations and also the pace
of change particularly as we move
towards the implementation
date for Solvency II.
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Other operational risks We have a relatively complex There has been significant effort
The risk of unexpected loss or cost business which operates in a number during 2014 on developing the
arising from the operation of the of specialist markets and Operational Risk Profiles
business or due to external territories. While considerable capturing risks and management
impacts not covered above; this will attention to detail is paid, errors actions within each of our business
include both Information Security and non-controllable external areas. These profiles are
and Staff Risks. events do occur. specifically focused on the delivery
of individual business areas plans
and objectives. Risks
are managed to ensure they comply
with the levels set by the Board and
detailed within the
risk appetite. Stress and scenario
testing is undertaken and the
results are taken into account
in capital requirement
considerations.
Each area of our Group has a
Disaster Recovery and Business
Continuity Plan in place that
is regularly tested and updated.
The size of this risk is largely
unchanged over the year.
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Reputational risk We always aim to be fair to our Reputational risk is primarily
The risk of a reduction in trust by stakeholders. However, if managed through our approach to
customers, brokers, reinsurers and disagreements occur, it could result treating stakeholders fairly,
other stakeholders in negative commentary in many forms combined with the other actions
as a result of an event or series of of media. taken to manage risks to our
events. financial position. Our Group's
ambition is to be the most trusted
and ethical specialist financial
services group and this
is reflected in all our business
activities. More information on our
Group's ambitions can
be found in our Business Model and
Our Strategy sections in the full
financial statements.
Reputational risk is overseen by the
GMB together with the Group Risk
Committee. Our reputation
is fundamental to our business and
we will not accept risks that will
materially damage our
reputation. We monitor a variety of
communication channels and
proactively gather feedback
to ensure there is no detriment to
our reputation.
The size of this risk is largely
unchanged over the year.
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Competition General insurance is a highly The GMB and SBUs monitor key
The risk of failing to recognise and competitive business. There are a competitors on a regular basis,
address changes in a competitive number of companies operating managing their impact on our
market, particularly within the same niche markets which markets. We have a strategy to
competitor actions, distribution means that competitor activity deliver excellent customer service
channels, an imbalance of bargaining remains a significant threat through multiple distribution
power with distributors, to our strategic objectives. channels to ensure diversification
business concentration and resource of risk.
issues and the impact to the Group The size of this risk is largely
of a loss of a key unchanged over the year.
account or niche market.
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Strategic Risks Controlling expenses relative to the Expense analysis and forecasting is
Increasing expense base size of the Group is key to ensuring undertaken with regular monitoring,
The risk of failing to maintain the the continued profitability reporting and challenge
expense base within targets. of our business model. by senior management. Any material
spend has to be approved and signed
off by the GMB.
The level of this risk has remained
Grafico Azioni Ecclesiastl.8fe (LSE:ELLA)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Ecclesiastl.8fe (LSE:ELLA)
Storico
Da Gen 2024 a Gen 2025
