Guideline 17 - Role of the AMSB in the risk management system
1.50. The AMSB should be ultimately responsible for ensuring the effectiveness of the risk management system, setting the undertaking's risk appetite and overall risk tolerance limits, as well as approving the main risk management strategies and policies.
1.51. The AMSB of the participating insurance or reinsurance undertaking, the insurance holding company or the mixed financial holding company should ensure that the risk management system of the whole group is effective. This risk management system of the group should include at least:
a) the strategic decisions and policies on risk management at group level;
b) the definition of group's risk appetite and overall risk tolerance limits;
c) the identification, measurement, management, monitoring and reporting of risks at group level.
1.52. The AMSB of the participating insurance or reinsurance undertaking, the insurance holding company or the mixed financial holding company
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