What a Solvency II Programme Should Include
A Solvency II implementation programme is a complex undertaking and should be structured with a good programme management structure and disciplines. Because Solvency II is mainly a regulatory initiative, the regulatory elements of Solvency ll mean that implementation is driven by a number of dates that have already been ‘pre-defined’ by the regulators in order to achieve internal model approval and participate in the first dry run.
Solvency II Implementation strategy
Every business is different and so is every insurance business. However, the Solvency II implementation programme should be structured to cover the following programme streams indicated below. Each of these Solvency II programme streams should be structured as an individual project within the overall Solvency II programme structure.
- Solvency II implementation strategy to provide the framework and controls to cover the overall implementation strategy for the programme
- Governance to deliver the key changes required in relation to governance.
- Risk Strategy to deliver the key changes required in relation to risk strategy
- Statutory Reporting to deliver the key changes required to ensure that Solvency II reporting requirements can be efficiently delivered.
- Internal Model to deliver the key changes required to develop an internal model to the level that will be approved by regulators.
- ORSA to deliver the design, documentation and embedding of a process that will ensure the ORSA is an integral part of business strategy and used as a basis for strategic decision-making
- Business Impact to deliver the key changes required to ensure the risk and capital management framework is embedded across the business
- Communication Plan to deliver a multi-channelled communication programme to inform all internal and external stakeholders about Solvency II.
As part of our weekly blog posts we will cover each of these project streams in more detail, so check back here for a weekly update.
Solvency II Services
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