FINMA uses governance assessments to systematically evaluate corporate governance at insurance companies based on information it collects periodically.
Governance assessment involves evaluating periodically collected information about an insurance company’s corporate governance by focusing on the insurance company’s underlying governance structures, its supervisory and management bodies (board of directors, executive board) and its control functions (risk management, compliance and internal revision). The data collected allows FINMA to evaluate the insurance company’s governance structures and identify any deficiencies. Collecting the data periodically also allows FINMA to monitor any developments made in corporate governance during a particular period.
Governance assessment findings are included in the overall assessment of the insurance company and in FINMA’s supervisory process. These can lead to follow-up activities at individual insurance companies, as well as for selected groups of insurance companies or for the entire market.