KBC’s risk governance model is characterised primarily by:
- the Board of Directors, assisted by the Risk and Compliance (RRC) Committee, which sets the risk appetite each year, monitors risks and proposes action, where necessary.
- an integrated architecture centred around the Executive Committee that links risk appetite, strategy and performance goal setting.
- the Risk Management Committee and activity-based risk committees mandated by the Group Executive Committee.
- risk-aware business people, who act as the first line of defence for conducting sound risk management in the group.
- a single, independent risk function that comprises the Group Chief Risk Officer (CRO), local CROs, local risk functions and the group risk function. The risk function (together with the compliance function) acts as the second line of defence, while Internal Audit is the third line.
Risk management information
The business of bancassurance is exposed to a number of typical risks, such as credit risk, market risk , liquidity risk , technical insurance risk, operational risk and other non-financial risks. Controlling all these risks is one of the most crucial tasks of management.
More information on risk management can be found in:
Most material sector-specific risks
|Sector-specific risks||How are we addressing them?||Reference in the 2021 annual report|
|Market risk in non-trading activities||
|Non-financial risk (operational risk, compliance risk, reputational risk, business risk, strategic risk)||
|Market risk in trading activities||
|Technical insurance risks||
|Climate-related and other ESG risks||