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Corporate Governance
Risk Management
Calliden follows a systematic approach to business risk management, in which functional managers have the responsibility for identifying and treating risk relevant to their business objectives. Our core values embrace discipline and quality and this sums up our approach to risk management.
Our risk management framework is built upon:
- Prudent capital management
- Sound actuarial insurance pricing and liability reserving practices
- Active claims management
- Reinsurance strategy aligned to growth and position of company
- Clear governance and reporting structures
Operational Risk at Calliden is defined as the risk of loss from adequate or failed internal processes, people and systems or external events. Clearly our people, along with processes and systems, underpin the ability of Calliden to manage risk and consequently we view it as imperative that we are all aware of the discrete risks associated with our own activities.
As a company we routinely conduct reviews of the operational risks facing our business and assess risks in accordance with the process outlined in our Risk Management Strategy. These include robust policies for:
- Human resource and performance management
- Compliance and legal risk management
- Crisis response
- IT Infrastructure and processes
- Business continuity and disaster recovery strategies
- Outsourcing arrangements
In addition to the focus on risks specifically associated with each functional area, our robust policies decrease the likelihood of operational failure and increase the ability to respond to failures or external events.
Risk Management Committee
Calliden has a formally constituted Board Risk Management Committee. The committee is comprised of all Board members of which one is an independent chairperson.
The Company's Board Risk Management Committee has a formal charter setting out the role and resonsibilities, composition, structure and membership requirements.
The Board Risk Management Committee has responsibility for assessing and monitoring all risks associated with the operations of the Group, and for reviewing and making recommendations to the Board in relation to risk management.