Making Solvency II stick
Dubbed 'Basel for insurers', operational risk management under the Solvency II regime is still mystifying most in the insurance world. This case study highlights the basic issues to consider.
Although some of the more forward-thinking insurance firms are well prepared for Solvency II, most remain confused about what the directive will mean in practice, particularly for operational risk management. One insurer demonstrated his misconception of what it was attempting to achieve at a recent conference debating the three pillars of Solvency II by asking: “Is Pillar II just another way for
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