FSB risk-appetite principles should be flexible

GFIA has responded to a consultation by the Financial Stability Board on its principles for an "Effective Risk Appetite Framework", stressing that the paper should take greater account of the diversity of insurance business models and should include statements on proportionality and confidentiality in the treatment of sensitive information. It also points out that the principles should avoid being overly prescriptive and should instead focus on outcomes.

 

Development of the FSB principles was one of the recommendations to come out of the FSB's peer review on risk governance, which was published in February 2013.

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