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Our professionals improve the performance of insurance organizations through a holistic approach that combines best practices in enterprise risk management (ERM), compliance and governance frameworks, technology tools, and proprietary methodologies.
The global insurance industry is facing a number of challenges posed by increased market volatility as well as accelerated and demanding regulatory developments. The current economic scenario is characterized by recessionary pressures resulting from significant devaluation of fixed-income, equity and property portfolios. This has constrained access to new capital and has had a significant impact on liquidity levels.
On the regulatory front, the major overhaul of insurance regulation is emanating from Europe, through the standard being set by the European Commission’s Solvency II project. Solvency II implementation is anticipated in 2012 and the detailed implementation measures to come later in 2009 are expected to follow on the high-level principles contained in the Re-cast Framework Directive released in early 2008. One of the main objectives of Solvency II is to align regulatory capital requirements with the true risk profile of the insurance firm, in addition to a total balance sheet approach in terms of the fair value of both assets and liabilities. Solvency II also aims to achieve a maximum level of regulatory and supervisory harmonization across the European Union.
Our Insurance professionals can help you address today’s challenges and position you for future success. We maintain and continue to expand a range of risk models, frameworks and technology tools that underpin a structured, efficient, sustainable approach. This flexible model is tailored to your particular profile, issues and circumstances. We focus on the business impact of regulation and see regulation as an aspect of your risk management architecture that should not be addressed in isolation.
Common solutions we provide insurance organizations include:
- Model Validation
- Anti-money Laundering
- Solvency II Projects, including Gap Analysis and Integration with IFRS Implementation
- Internal Audit Outsourcing, Co-sourcing or Transformation
- Information Technology (IT) Risk Management
- Project Risk Management
- Fraud Risk Management
- Financial Investigations and Litigation Support
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