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Establishing and Embedding Risk Appetite: …

Full Members: Aegon, Allianz, Aviva, AXA, Achmea, Ageas, Generali, Groupama, Hannover Re, ING, Munich Re, Prudential, Swiss Re, Zurich Financial Services Associate Members: Lloyds Banking Group, Manulife Financial, Old Mutual, RSA, Unipol, ACE, Legal and General, Chartis Establishing and Embedding Risk Appetite: Practitioners View December 2013 This page is intentionally blank Table of contents Section 1 : Executive Summary 2 Section 2 : Introduction 3 Section 3 : Risk Appetite Core Principles 4 Section 4 : Establishing the Risk Appetite Framework 5 Section 5 : Embedding Risk Appetite 14 Section 6 : Conclusions 24 Section 7 : Appendices 25 This page is intentionally blank CRO Council and CRO Forum Risk Appetite - December 2013 2 Section 1: Executive Summary Search for risk appetite on any popular Internet search engine and you will receive well over one million results.

Full Members: Aegon, Allianz, Aviva, AXA, Achmea, Ageas, Generali, Groupama, Hannover Re, ING, Munich Re, Prudential, Swiss Re, Zurich Financial Services Associate Members: Lloyds Banking Group, Manulife Financial, Old Mutual, RSA, Unipol, ACE, Legal and General, Chartis

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