After the global financial crisis, regulators started taking a closer look at corporate governance and robust risk management.
In Switzerland, the FINMA circular 2017/1 “Corporate Governance – Banks” comes into force on 1 July 2017. It contains far-reaching requirements on corporate governance, risk management and the internal control system of banks. Among other things, it requires management to set up a comprehensive structured framework for an enterprise-wide risk management (ERM) framework, which has to be approved by the Board of Directors.
For insurance companies in Switzerland, the corresponding FINMA circular 2017/2 entered into force on 1 January 2017.
For banks and insurers, an ERM provides an opportunity to add real value to the business:
At KPMG, an expert, performance-driven, experienced team has created a comprehensive best-practice ERM framework that is based on seven components and draws on our in-depth knowledge and risk management experience. We have specifically tailored the framework to each industry - banking and insurance - so that our clients benefit as much as possible.
Helen Campbell, Partner Financial Services