Introduction: Starting the Solvency II Journey
Solvency II: The journey so far
Internal Models and Solvency II
Review of the Capital Adequacy Framework in Singapore
Insurance Liabilities Under IFRS 4 Phase II and Solvency II: Almost the Same Thing?
Solvency II and Mutual Insurance Companies
The Journey Towards an Approved Internal Model
The Road to Solvency II for a Life Insurance Company
Managing Model Risk
Solvency II and Reinsurance
ORSA: A Forward-looking Approach to Risk and Capital Management
Risk Governance: A Framework to Support Better Decision-making and a Journey Towards Continuous Improvement
Operational Risk and Solvency II: A Practitioner Perspective
Reporting Challenges under Solvency II: The Allianz Experience
The Audit of Solvency II Information
The Holistic Balance Sheet: A Different European Approach for Pension Funds?
Capital for Operational Risk: Some Fundamental Flaws
Reputational Risk: Success is Trust-dependent
Reporting is a key element in insurance companies’ risk management system that, with the Solvency II regime coming into force, is going through a significant evolutionary phase. To comply, insurance companies must completely re-engineer their operational processes, organisation models and IT architecture as a result of the complexity introduced by the new regime. A substantial increase in the volume of information to be disclosed, as well as a higher reporting frequency, has been requested.
The level of complexity in the implementation of the Solvency II reporting framework depends on the dimension of the company, its geographical distribution and its operating model. Group and solo entity risk management functions will face different issues. For group functions, the most complex issues are data collection and the centralisation of all relevant information necessary to prepare grouplevel reports. Risk management functions at the solo entity level, on the other hand, often need to juggle with different reporting streams and rules – for the group by providing the necessary local data and risk management reports, and for their national authorities.
In this context, data management a