Solvency II is implemented, any questions? InsuranceERM reported that the work of the risk function is far from complete. As well as testing Solvency II systems properly. Three Chief risk officers discussed this important topic in a roundtable.
All three companies have an internal model in place. Have conducted testing, model validation and calibration. Worked on streamlining (governance) processes, board education, risk culture, and many other aspects.
Reporting requirements and ORSA are discussed as obvious examples for further improvements. Here there is still a lot of manual work involved. Further work is to be done to streamline processes and operate BAU efficiently.
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