Solvency II Implementation Looms in 2015
Despite all the delays to Solvency II (SII), implementation is now just 13 months away. There has been much discussion around the deadline pressures and the challenges that firms are facing in order to meet the requirements, but firms that are still lagging will still be in for a shock, warns Accountagility – the insurance technology expert
Challenges Facing Insurance Firms
Only a small number of firms have the practical experience and methodology to progress seamlessly through the upcoming change, not to mention the agility that is needed to meet the document and workflow requirements of SII compliance.
However, that doesn’t mean that firms can allow themselves to become complacent, as any further delays in their progress towards compliance will only compound this problem. Now is the time to make changes.
Expert Commentary from Accountagility CEO
Robert Gothan, CEO and Founder of Accountagility, comments:
Robert Gothan
“The truth is that SII is going to bite in 2015. Planning for and modelling SII is one thing; actually showing that a company meets the control requirements is entirely different. Even those firms that have built good models have yet to deliver the critical processes that will demonstrate “data credibility” and total SII compliance effectively.”
Gothan concludes:
Key Compliance Requirements for SII
“In order to comply with SII, insurance companies must be able to ensure that their data is reliable, controlled and accurate, that financial reporting practices are being implemented to improve internal risk management and that the technology is enabling the management to make informed decisions based on trusted and quality data.”
