Most of the time and effort expended on Solvency II thus far has been spent on implementing systems and procedures for measuring and calculating levels of capital and prime risk. However, without adequate processes and controls in place in business operations, the capital adequacy levels required could be adversely impacted by operational risk weighting. Solvency II aims to facilitate the development of a single market in insurance services in Europe, promoting confidence in the financial stability of the insurance sector, and securing an adequate level of consumer protection by reducing the chance of an insurer being unable to meet claims in full. Fundamentally however, Solvency II is about a change of behaviour, managing your business better and proving that you are doing so.
This white paper highlights how your organisation can prepare for Solvency II and the key factors to consider in the build up to the proposed 2014 deadline such as:
• Tackling the right issues
• The impact of operational risk
• The Solvency II rationale
• Why business process management will be key for success
• Operational viability beyond Solvency II.