Operational Risk Management in Sampo Group
The goals of Operational Risk Management are:
- to ensure simultaneously the efficiency and quality of operations;
- to ensure that operations are compliant with laws and regulations; and
- to ensure the continuity of business operations in exceptional circumstances.
Each company is responsible for arranging its operational risk management to align with above goals, taking also into account the specific features of its business activities.
The central tools in Operational Risk Management are (i) the identification of risks and (ii) proper preventive actions at all levels of operations. To ensure the use of these tools, responsibilities in the following areas are set clearly:
- drafting and enforcement of adequate Operational Risk policies and continuity plans;
- legal and financial compliance of operations;
- continuous development of human resources (knowledge and skills) and work processes;
- day to day management; and
- reporting and controlling.