The current risk management system at SIGNAL IDUNA Reinsurance Ltd (SI Re) is presented in Chapter 5.2 in the «Report on the financial situation» published every year alongside with the Annual Report.
Risk management at SI Re involves consistently implementing the requirements of the Swiss Solvency Test (SST) as defined by the Swiss Financial Supervisory Market Authority FINMA. We also apply our own internal corporate risk management model. In addition, SI Re is integrated into the SIGNAL IDUNA Group risk management framework.
SI Re aims to promptly identify, assess and mitigate or avoid risks and potential risk clusters. In order to achieve that, the company has established a proprietary Enterprise Risk Management system covering risk management, compliance and internal audit. The system complies with the supervisory «three lines of defence» requirements by providing regular reports to the Board of Directors and its committees.
SI Re also has an internal control system in place, thereby monitoring the company and its processes. This system oversees the influence of strategic and operational risks on company goals, thus ensuring that these risks are identified and addressed at an early stage through the monitoring measures embedded within the processes.