Going Further with Solvency II - The Unipol Group story
The risk management department of the Unipol Group began a project to become compliant with the European Union’s Solvency II Directive – a set of new financial regulations for the insurance industry. This effort was part of a holistic approach to risk management that involved all stakeholders throughout the company: managers of risk, operational risk, compliance, controls law 262/2006 and business processes, along with internal auditors
“Collaboration between the different control functions and with the business process department was key. A good understanding of our business processes lets us identify comprehensively and precisely the relevant risks and effective controls during the Risk Self-Assessment process,” Vittorio Corsano, head of regulation reporting rating and operational risk at Unipol.
About Unipol Group
Unipol Group is a major financial conglomerate in Italy. With €9 billion in premiums, six million customers, more than 7,000 bank branches and insurance agencies, and 7,400-plus employees, the 40-year-old company is a major force in insurance and banking. (Figures from 2010 fiscal year)