In today’s world of financial institutions’ complex governance structures the internal governance practices covering risk management, internal controls and management oversight and culture, undoubtedly play a very important role also in the regulation and supervision of institutions for occupational retirement provision (hereafter referred to as “IORPs”). The 2008 – 2009 financial crisis has put these internal governance issues at the forefront regulators concerns and actions of the whole spectrum of financial institutions, of which IORPs are also an important part.
As these internal governance issues cover a wide variety of items its study was split into two separate workstreams. The risk management workstream has already tackled a first set of issues, namely those associated with risk strategy and assessment, and has identified risk management rules and their implementation as well as supervision practices. This workstream – Management oversight and internal controls - will cover the remaining issues. The topics of this workstream should be seen as a complement of the risk management work.
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