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Responsibility for risk increasingly seen as resting with the board, CEO and CFO
One proposal from consultation paper 59: adjust bonuses for current and future risks
KPMG has provided commentary on some of the key CEIOPS' consultation papers (CPs) issued on 3 July. The main issues: internal model governance and technical provisions. KPMG's analysis below covers CPs 39, 40, 41, 42, 43, 44 and 56, as well as the addendum to 37. Further papers are covered in today's other feature.
This is our edited selection from Watson Wyatt's commentary on some of the main CEIOPS' consultation papers (CPs) issued on 3 July. The selection here mainly covers the standard formula and the capital add-on, looking at CPs 45, 47, 48, 49, 50, 51, 52, 53 and 57. Further papers are covered in today's other feature.
Survey suggests firms have made only basic estimates of cost
A senior manager should at least understand the questions the model is trying to answer, and their impact on the firm's business model, argues Craig Turnbull
Val Amos of Hiscox argues that CEIOPS' proposals have done little to address insurers' concerns about operational risk
Hiscox's Val Amos says CEIOPS' paper is a missed opportunity
KPMG highlights the key points of this weighty consultation paper as well as those on technical provisions
We should remember Nobel laureate Robert Merton's warning that "models are not at all precise in their application to the complex real world," argue Athula Alwis and Dave Ingram