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Risk management

The risk management system is a set of rules, competences, responsibilities and activities established at the Group level, and is based on the Group’s strategy and business plan.

Our comprehensive system ensures that the key business risks are adequately identified, assessed or measured, managed and monitored. It covers all areas, with an emphasis on those that have a material impact on the operations and objectives of the Triglav Group.

At Triglav Group, we foster an appropriate culture of risk management and we ensure good knowledge, constructive cooperation and open communication about risks, the Management Board and the management of Group companies play a key role in this.

The Group’s risk management system is based on the Three Lines of Defense.

Risk management function

The Risk Management Department bears the overall responsibility for coordinated and continuous operation of the integrated risk management system. It monitors the Group’s overall risk profile and develops the risk measurement methodology and risk assessment models.

It reports on risk exposure and assesses capital adequacy using the standard solvency formula and other capital models. The risk management system includes several committees, as shown in the following presentation.

Sustainability risk management

The Company is building a comprehensive sustainability risk management system; sustainability risks are part of non-financial risks.

Capital management

At any time, the Triglav Group has at its disposal sufficient capital, which enables it to assume risks. Capital is the first criterion for assessing the Group’s solvency. Through capital management we primarily ensure sufficient and appropriate capital adequacy of the Triglav Group on both a consolidated and individual basis.

The objective of capital management is thus to ensure the safety and profitability of operations, and the long-term and stable return on the owners’ investments with a dividend payout that meets the predefined criteria of the dividend policy. The Group is adequately capitalised, which is reported in the Annual Report of the Triglav Group, chapter Risk Management, and in annual reports on the solvency and financial position of the Triglav Group.