14.4. Challenges and priorities in risk management for 2025

Full internal model

In view of the many challenges both for UNIQA and the Financial Market Authority , the decision was taken in 2024 to continue the “Full internal model” project with an adjusted timetable. The current plan is to expand and optimise the model in stages. The aim now is to finalise the full internal model by 2027 before submitting this for official approval. UNIQA will use and further develop the model internally in the defined business lines until then in order to create a solid basis for final implementation.

Cyber risk and DORA

UNIQA has prioritised strengthening cyber security and compliance with the new DORA regulations (Digital Operational Resilience Act) for 2025. In the face of increasing threats such as from phishing and ransomware, the plan is to provide comprehensive protection for the IT infrastructure and data in order to avoid financial losses, reputational damage and disruptions to operations. One key element of this involves the additional introduction of a Security Information and Event Management (SIEM) system and a Security Operations Center (SOC) in order to detect and ward off threats in real time. Training for employees also increases awareness of cyber risks, while appropriate cyber insurance covers the financial consequences of any possible attacks. UNIQA’s focus overall in 2025 is on strong cyber resilience and compliance with the new DORA regulations in order to counter current and future threats effectively.

AI Act (Artificial Intelligence Act)

UNIQA recognises the significant opportunities and challenges arising from advances in artificial intelligence (AI) and machine learning (ML), particularly in areas such as statistical modelling, generative AI applications and data-driven decisions. While UNIQA is exploring generative AI for applications such as automated customer communication and knowledge transfer, the company is also aware of the risks associated with this, including data protection and compliance with intellectual property regulations. UNIQA has already implemented a robust governance framework aimed at minimising these risks. UNIQA will strive in 2025 to continue using AI and ML technologies responsibly, increase productivity and improve customer communication.