Risk Management & Compliance
The increasingly complex development of the company's business, both in terms of underwriting, investment and operations, has brought Indonesia Re to a risk level of risk that is increasingly complex and large in terms of exposure. On the other hand, regulatory developments that have begun to accentuate risk-based supervision have increased pressure to the company to start implementing risk management better.
As one of the key factors, risk management has developed towards a condition where the company is able to identify, analyse and manage risk in an integrated manner to ensure the survival and sustainable growth of the company and at a desired level. The scope of risk is as following:
• Underwriting risks, which are risks that a company receives through its reinsurance business activities (life reinsurance and general reinsurance)
• Investment risk, related to the management of company funds
• Non-financial risks that show up in every aspect of a company and do not originate from business activities but have the potential to threaten the survival of the company (operational risks, legal risks and risks related to strategy, etc.)
Company risk management focuses on two aspects: the hard side, which covers policies and procedures, systems and models, limits, measurement and reporting as well as supervision, and; the soft side, which covers people, organizations, expertise, culture and values and incentives.
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