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Risk Governance

In line with Art. 194 of the “Banking Law”, Belfius is managing risks based on a group-wide (Belfius Bank + Belfius Insurance) coordinated and integrated risk management framework. The overall objective is to have a risk management coordination, ensuring consistency while respecting the entities’ specificities, responsibilities and legal/regulatory obligations. The main pillars of this risk management are an appropriate risk governance structure, risk monitoring and decision taking process.

At the level of the Risk departments of Belfius Bank and Belfius Insurance, the CRO’s, assisted by their Risk Executive Committees (Risk ExCom), ensure adequate integration and coherence regarding methodologies, tools and risk management.

In terms of the risk governance structure, Belfius implements:

 

  • similar Committee governance and decision taking process: Board of Directors, Risk Committee (Belfius Bank) - Risk & Underwriting Committee (Belfius Insurance), Risk ExComs Belfius Bank – Belfius Insurance,...
  • presence of Belfius Bank Board of Directors’ members in Belfius Insurance Committees assuring enhanced coherence.
  • common Belfius Bank Risk Committee/Belfius Insurance Risk & Underwriting Committee can be organised.

 

Both entities have a similar risk policies & guidelines framework and approach. They use similar and/or common tools ensuring consistency and enabling coherence as well as an integrated management of risks and internal controls.

Belfius’ activities are exposed to a number of risks such as - but not exclusively - credit risks, market risks, liquidity risk, operational risk, insurance risk,, changes in regulations as well as the macro-economic environment in general.

Risk management governance and data are more in detail described in Belfius’ risk report: