Effectively managing risks
At iA Financial Group, we manage a variety of risks inherent to our operations on a daily basis. We have an enterprise risk management framework that provides the board of directors with all required elements to ensure effective risk management. One of the eight guidelines of our Sustainable Development Policy is to manage risks effectively.
The board relies on a governance model implemented within the organization to obtain a full view of our position. It is thereby able to periodically review the significant and emerging risks likely to affect the company’s risk profile and the control mechanisms in place to mitigate these risks.
Our enterprise risk management:
- Allows us to maintain a long-term balance between risk-taking and our appetite and tolerance for risk.
- Guarantees the sustainable growth of our operations and the development of our business while ensuring our company’s solvency and long-term viability as well as our clients’ and shareholders’ peace of mind.
- Enables us to meet our financial commitments and comply with regulatory requirements.
What we do
We have an enterprise risk management framework that is consistently applied and taken into account in developing our business strategies and in all of our operations.
The goal of our enterprise risk management framework is to:
- Identify, assess, manage and monitor the risks to which we are exposed.
- Ensure that pertinent information regarding risks is communicated and shared on a regular and timely basis between the various people involved.
- Provide the board of directors with reasonable assurance that sufficient resources and appropriate procedures are in place to ensure sound risk management.
As part of our integrated risk management framework, iA also assesses the impact of financial and insurance risks once a year through exercises like Financial Condition Testing (FCT) and the Own Risk and Solvency Assessment (ORSA), and confirms the company’s financial strength for dealing with adverse events. iA Financial Group uses the Taskforce on Climate-related Financial Disclosures (TCFD) climate-related risks as the foundation of its climate change risk assessments. The TCFD Report provides more details on our climate-related risk management processes.
As a financial group, iA assumes a variety of risks inherent in the development and diversification of its operations. Our risk management is therefore aligned with our expansion strategy. Our Risk Management, Governance and Ethics Committee plays an important role in our risk management approach. For more information and to read about this committee’s mandate, visit the Governance section.
Our risk management is supported by a code of conduct, a strong risk culture and an effective framework. We maintain an overall vision and demonstrate prudence in implementing our strategies and business decisions in order to protect our reputation, our value and our clients’ peace of mind.
The compliance function: an important contributor to the realization of iA’s strategy
At iA Financial Group, the purpose of the compliance function is to protect the company’s value and our clients’ peace of mind by promoting the implementation of a framework and regulatory standards throughout the company’s business units. It promotes a corporate culture geared to realizing the Group’s strategy and respecting its risk appetite and tolerance.
In addition, the compliance function establishes and maintains policies, processes and procedures that allow it to independently oversee adherence to and the adequacy and effectiveness of compliance controls in our day-to-day activities, according to a risk-based approach.
The compliance function also ensures that the regulatory risk management standards established by iA Financial Group are followed, and fulfills this responsibility through oversight mandates.