Risk managers experience a massive increase in their take-home pay as a result of the Solvency II projects.
Below is an interesting job description.
Risk Manager is needed, that will:
1. Provide specialist support to the Risk Team in the delivery of agreed Solvency II development and implementation plans,
2. Embed new or enhanced risk processes and be accountable for assigned project plan deliverables relating to Solvency II processes.
3. Design and execute the risk oversight framework for the Internal Model and supporting processes, including the drafting of oversight reports.
Firms continue to lobby, to influence the final implementation of the directive.
Below there is an interesting example:
Overview of Lloyd's Solvency II lobbying activities
“We want Solvency II to recognise Lloyd's unique structure and operations.
We don’t want Solvency II to put the market at a competitive disadvantage.
For this reason, Lloyd’s has been and is highly engaged in activity to influence the development of Solvency II legislation in Europe, alongside organisations such as the CEA in Brussels and the ABI and the IUA in London.
It is important for Lloyd's to retain an independent voice in the debate on Solvency II as well as influencing the input of bodies such as the CEA.
Although its positions are closely aligned with those of other insurers, there can be subtle, yet important, differences in emphasis and prioritisation.
‘Lloyd’s focus is on the regime’s impact on non-life insurers whereas some other major insurers in the UK and Europe are more concerned about proposals for the treatment of annuities and other issues primarily of interest to life insurers.
Lloyd’s also aims to ensure that policymakers in the UK are aware of its views.
Lloyd’s is represented at high-level meetings with the FSA and at ministerial level to address key industry concerns regarding Solvency II.
On 5 January 2011, Sean McGovern, Lloyd's Director, sent a letter to Managing Agents' CEOs and FDs with a view to providing an update on the Lloyd's lobbying approach for the development of Solvency II.
Lloyd's aims - to ensure that:
• The Market’s unique structure including regulatory recognition as a unitary organisation is preserved.
• The standard formula does not impose excessive capital requirements on undertakings.
• Internal model tests, standards and approval processes are reasonable and proportionate.
• The types of asset commonly held in the market are appropriately recognised.
• Additional administrative burdens on insurers are minimised.
• The competitiveness of the European industry is enhanced, not diminished.
Many countries continue to work hard to become Solvency II equivalent. Other counties do exactly the opposite. They try to advertise that they will never become equivalent.
Guernsey, for example, the largest captive insurance domicile in Europe, has decided not to seek equivalence under Solvency II.
According to Peter Niven, Chief Executive of Guernsey Finance: “The decision not to seek equivalence under Solvency II is based on the fact that under the current proposals, we would need to adopt measures that might undermine the competitive nature of our captive insurance industry".
Solvency ii Association - http://www.solvency-ii-association.com.
George Lekatis is the General Manager and Chief Compliance Consultant of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.
George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 15 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.
George is the president of the Basel ii Compliance Professionals Association (BCPA, www.basel-ii-association.com), the largest association of Basel ii professionals in the world, the Basel iii Compliance Professionals Association (BiiiCPA, www.basel-iii-association.com), the largest association of Basel iii professionals in the world, the Sarbanes Oxley Compliance Professionals Association (SOXCPA, www.sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the world, and the Solvency II Association (www.solvency-ii-association.com), which is also the largest Association of Solvency II professionals in the world.
George is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
President of the Solvency ii Association
General Manager and Chief Compliance Consultant, Compliance LLC
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