English to English translations [PRO] Bus/Financial - Insurance / Risk Management
English term or phrase:function (in this context)
The Group Risk Management Framework provides the mechanism through which risk management and control is embedded throughout the Group. Each business is required to follow a consistent process to identify, assess, manage and monitor
their key risks. A central *risk management function* (the *Group Risk function*) oversees this process and reports progress to the Board Risk Committee.
Risk assessment – the second line, formal risk management
framework within which the Group policies and minimum
standards are set and objective oversight and challenge of risk management across the Group is achieved. This includes the Board Risk Committee, supported by the *Group Risk function.*
Each Region is required to provide reserving reports for review by the Group Actuarial and *Group Risk functions*.
These are excerpts from my source text, but I also have found several similar sentences on the net, for example:
"The Group’s credit bureau and credit inspection units are part of the Group Risk function and are responsible for reviewing portfolio credit quality and credit policy compliance and manage the performance of the credit management system at the Group level." http://www.bendigobank.com.au/public/about_us/corporate_gove...
The second line of defence is provided by the Group Chief Risk Officer, supported by the Group risk function and other specialist in-house functions at Company and subsidiary levels, who provide technical support and advice to operating management to assist them with the identification, assessment, management, monitoring and reporting of financial and non-financial risks. The Group risk function recommends Group Risk Policies to the Board for approval, provides objective oversight and co-ordinates ERM activities in conjunction with other specialist risk-related functions. Group risk is not, however, accountable for the day-to-day management of financial and non-financial risks. http://www.oldmutual.com/vpage.jsp?page_id=2073
To me "function" is a very abstract word; I cannot imagine that "a function" could support someone/something, or even worse, recommend or be accountable for something.
Can "function" in this case be interpreted a department /body /unit of a company?
I would be most grateful if someone could suggest some synonyms for "function" in this context. I hope it might light that little lamp in my head.
Explanation: ...a "function" in an organization is something the organization "performs". It doesn't necessarily have to map onto / coincide with a dept, body, group, or unit. A function is sort of a faculty that may be shared by a number of departments or constitute a part of responsibilities of a particular group.
Explanation: ...a "function" in an organization is something the organization "performs". It doesn't necessarily have to map onto / coincide with a dept, body, group, or unit. A function is sort of a faculty that may be shared by a number of departments or constitute a part of responsibilities of a particular group.
Alexander Demyanov Local time: 09:20 Native speaker of: Russian PRO pts in category: 8
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