Solvency II Content Package: Provided by Software AG and SecondFloor17 July 2013 by Software AG
With the advent of Solvency II in January 2013, European insurers are faced with the need for senior management and the board to really understand how the data in their reports relates to the business processes.
With compliance being mandatory, insurers also need to understand their own processes in relation to these regulations in order to accomplish a fully auditable system.
It is not a question of whether insurers will be ready for 2013, they will. The issue is how to do that effectively, without spending too much on consultancy hours, ending up with custom developments on silo applications, or having knowledge about how your business and compliance management works walk out of the building at the end of a consultancy engagement.
With the right company-specific approach responding effectively can be a source of competitive advantage from the Solvency II risk management investment. Most insurers recognise Solvency II as an opportunity to do that, but they are struggling with the challenge of demonstrably meeting all directives on the one hand and setting up a sustainable, future proof risk management system on the other.
Knowing that Solvency II is just one directive and insurers deal with more than 20 other (local) regulations and standards, a sustainable risk management system certainly is mandatory in order to establish the objectives of an effective, efficient and future proof solution.
Meeting the company's risk management ambitions calls for a deep understanding of what it takes to get there - based on the company's existing capabilities. To arrive at that understanding, an integrated approach for Solvency II and other (compliance) requirements is needed - an approach that focuses on all the interdependencies of company roles.
The Solvency II directive requires the establishment of the following roles:
- Risk management;
- Internal audit; and
- Internal control and compliance.
To learn more please download this free white paper.
Solvency II Content Package: Provided by Software AG and SecondFloor