309

Top-down approach to risk management gains favour

Responsibility for risk increasingly seen as resting with the board, CEO and CFO

307

Align remuneration with risk controls, says CEIOPS

One proposal from consultation paper 59: adjust bonuses for current and future risks

301

KPMG comments on internal model governance proposals

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.

300

Watson Wyatt comments on standard formula proposals

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.

299

Insurers under-estimating cost of Solvency II?

Survey suggests firms have made only basic estimates of cost

298

How much of your model do you need to understand?

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

292

We need clearer and more sophisticated thinking on op risk

Val Amos of Hiscox argues that CEIOPS' proposals have done little to address insurers' concerns about operational risk

291

Op risk charge is "excessive and punitive"

Hiscox's Val Amos says CEIOPS' paper is a missed opportunity

290

CEIOPS' paper on internal model approval summarized

KPMG highlights the key points of this weighty consultation paper as well as those on technical provisions

289

The modellers, not the models, failed

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