E.2. Roles and responsibility

The system is based on three levels of responsibility:

• Assicurazioni Generali (Generali Group) – for every country, it sets the targets in terms of solvency, results and risk exposure, moreover it defines the risk management policies and guidelines for treating the main risks. The Generali Group has developed the Enterprise Risk Management Policy to align the risk measurement methodology, the governance and the reporting of each company of the Generali Group.
• Generali CEE Holding (GCEE) – defines strategies and objectives for every firm, taking into account the local features and regulations, providing methodological support and controlling the results. In particular, in order to ensure a better solution to the specific features of local risks and changes in local regulation, risk management responsibility and decisions are delegated to the Chief Risk Officer (CRO) of GCEE, respecting the Generali Group policy framework. Generali Group and GCEE Group are also assigned performance targets for their respective areas.
• Business Unit – defines strategies and targets in respect of the policies and guidelines established by GCEE. Risk management involves the corporate governance of the Group entities and the operational and control structure, with defined responsibility levels, and aims to ensure the adequacy of the entire Risk Management System at every moment. Group Risk Management reports on regular basis on the exposure to all the main risks (e.g. monthly reporting on the investment exposure and on both market and credit risks).