1 Corporate Governance, Risk Management and Internal ControlCarlos Montalvo Rebuelta Assal Guayaquil, 14-IV-2012

2 Solvencia II

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4 Solvencia II Group requirements Pillar 1 Pillar 2 QuantitativeTechnical provisions (BE and risk margin) 2 capital requirements (MCR and SCR –SF/IM) Prudent person investment rule Own funds (3 tiers) Qualitative Internal control risk management (incl. ORSA) Supervisory review process (qualit. & quant - add-ons) Reporting Supervisory reporting Public disclosure Market discipline Pillar 1 Pillar 2 Pillar 3 Focus on firm’s responsibility Convergence of supervisory practices Convergence of supervisory reporting More pressure from rating agencies, capital markets Total balance sheet approach Market-consistent valuation Approval of internal models

5 Qué es el Gobierno Corporativo?

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7 Qué no es el Gobierno Corporativo?

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9 Qué es la Gestión de Riesgos?

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11 Qué no es la Gestión de Riesgos?

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13 Qué es el ORSA?

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15 Qué no es el ORSA?

16 7 December 2011 16

17 Qué hace el supervisor?

18 ? 18

19 Gracias! Carlos Montalvo Executive Director EIOPA