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FMP: In Control on Operational Risks with BWise

Published 12 August 2010 | By BWise

In France the Decree of 19 May 2008 concerning internal control within pension funds, mutual funds and their unions, required significant changes to internal control processes at mutual insurance companies. The regulation dictates how the internal control procedures and systems at an enterprise must be assessed and monitored. La Federation Mutualiste de la region Parisienne, or FMP, had already setup an internal control framework, but the framework was not formalised.

In addition, the awareness of risks and the necessity for risk management was an abstract concept at the enterprise and could be improved. To ensure compliance with the May 2008 legislation and the upcoming Solvency II regulation in 2010, FMP initiated a project to improve its governance, risk management and internal control processes.

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