MaGo – Internal review of the governance system
Internal review of the governance system- The entire management evaluates the business organization regularly (§ 23 Para. 2 VAG), whereby the cycle of the evaluation is to be determined according to the risk profile, and ensures that the necessary changes are implemented at short notice. The...
MaGo – risk management system- Responsibility for the management tasks for the RMS is assigned to the entire management both at the individual company and at the group level. In addition to strategic decisions and stipulations on the organizational design of risk management, this includes in particular the establishment of a common risk culture,...
MaGo – function of the internal audit- Irrespective of a division of departments, original entrepreneurial management tasks remain in the overall responsibility of the board of directors as non-delegable management tasks. With regard to the audit, these original management tasks can be of a conceptual and organizational nature, such as the...
MaGo – Internal Control System- The companies design the internal control system depending on their risk profile. The internal control system must be appropriately integrated into the structures and processes of the organizational and operational structure so that it fulfills its purpose.
The internal control system also takes outsourced...
MaGo – spin-off – terms
MaGo – Insurance Outsourcing- In this post, the term “spin-off” is used interchangeably with the term “outsourcing”, both terms are used synonymously in legal sources. Further outsourcing from one service provider to another service provider is referred to as sub-delegation. Pursuant to § 7 No. 2 VAG, a defining feature...