Being both CRO and chief actuary gives him a stronger grip on the firm's risk management than most of his peers. He describes his role and his approach to Jessica Baylis.
CEIOPS produced a veritable library of material on 26 March: 12 papers covering internal models, governance systems, technical provisions, valuation of assets and many other issues. These papers form the first set of draft formal advice on Solvency II level 2 implementing measures for consultation. Watson Wyatt guides us through them.
For firms preparing for Solvency II, there's no let-up. If they thought modelling issues were one of the most challenging aspects of the directive, they're now beginning to worry seriously about another part of Solvency II, the own risk and solvency assessment (ORSA). There has been little information and little guidance from the authorities on ORSA and that has only fuelled concern about how much of a burden it will create for firms complying with it.
They form the first stage of the Level 2 implementing measures
The path to final approval becomes much clearer
But group support is at least several years away
The trialogue seems to have hammered out a deal of sorts
Strong independent oversight of top management is also required
Actuaries invented many techniques for managing risk; now they should take on a wider role in finance, says Seamus Creedon. He also talks about proportionality, ORSA and other Solvency II issues.
The chances of this section of Solvency II being restored look dim