EU insurers prepare for op risk under Solvency II

Solvency II will promote EU-wide operational risk management for insurance groups

After April's political compromise on Solvency II, the clock is now ticking on EU implementation. European internal market commissioner Charlie McCreevy said in a speech last week: "Under the new system, insurers and reinsurers will be required to take account of all types of risk to which they are exposed, and to manage those risks more effectively and with increased transparency."

Operational risk will be explicitly included within "all types of risk" for the first time under the new directive