On 27 February 2014, the EY Financial Services Thought Gallery held a risk appetite statements breakfast briefing titled Getting in shape: building and sustaining your risk appetite. The session featured presentations from James Maher, EY FS Ireland’s Head of Insurance and Acutarial Services, and Phil Vermeulen, Partner in EY’s European Risk and Actuarial Services practice.
While previously the underlying principles of risk appetite were often not clearly understood, regulators have recently set clear requirements for risk appetite statements. When properly defined, risk appetite can become more than a risk management tool, improving business performance. In the below slide deck, the requirements for implementing both qualitative and quantitative components of risk appetite into your organisation are outlined, and the role overall organisational risk culture plays in supporting a sustainable risk appetite is addressed.
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