- Executive Summary
- 1. Differences in the core business activities
- 2. Similarities and differences in risk management tools
- 3. Approaches to capital regulation
- 4. Cross-sectoral risk transfers and investments
- 5. Developments on the horizon
- I. Introduction
- II. Risk Management
- Sectoral emphases on risk
- General approaches to the management of key risks
- Credit risk
- Market and asset liquidity risks
- Funding liquidity risk
- Interest rate risk
- Technical risk (insurance underwriting risk)
- Operational risk
- Risk consolidation
- Market assessments of risks and risk management
- III. Supervisory Approaches and Capital Regulation
- Differences in perspective
- Bank supervision
- Securities regulation
- Insurance supervision
- Conglomerate regulation
- Comparing capital regulations across sectors
- Cross-sectoral risk transfer
- Cross-sectoral investments
- IV. Conclusions and Future Developments
- Conclusions
- Developments on the horizon
- Annex 1: Glossary of key terms as they are used in the report
- Annex 2: Stylised balance sheets for securities firms, banks and insurance companies
- Annex 3: Technical provisions in insurance
- Annex 4: Capital frameworks in the three sectors and further references
- Annex 5: Comparison of capital treatments for cross-sectoral investments
- Annex 6: Members of the Working Group
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