Operational risk management and internal control system | Operational risk management (ORM) at Swiss Life includes the methods and processes used for the identification, assessment and steering or avoidance of operational risks. ORM defines operational risk as the danger that losses may result from inadequate or failed internal processes, people and systems, or from external events.

Swiss Life’s internal control system (ICS) consists of the totality of procedures, methods and measures prescribed by the Board of Directors and the Corporate Executive Board to ensure the orderly conduct of business. The focus is on the reliability of financial reporting, the effectiveness of business processes and compliance with laws and regulations issued to protect the company’s assets.

In 2008, Swiss Life further developed its ICS and ORM in line with the legal and regulatory requirements, and implemented the resultant integrated methodology at its core companies. Special consideration was also given to the areas of compliance and business continuity management (BCM).