avantage Presentation - Solvency II and Operational Risk
"On the 11th May,avantage hosted a breakfast meeting for Lloyd's brokers on the thorny issue of managing Operatinal Risk under solvency 2"
Paul Sahota set out the Solvency 2 requirements for operational risk management under Solvency II and covered some of the key issues that firms are currently facing alongside some observations on the evolving best practice he has observed in the market.
Paul also compared the challenges firms face in adopting the Internal Model Approach for Solvency II with the difficulties that the banks experienced with Basel II and urged firms to "learn from the mistakes" make in the banking sector to address these challenges faster and more effiiciently.
David Simmons presented the Emerging Shared Service Solution, a unique service offering developed by avantage. The key objective of the offering is to enable firms to share the design and development costs of a robust risk management solution, significantly reducing the overall cost to firms without compromising on quality. David provided an overview of the building blocks on which the solution is founded covering the risk strategy, governance, key processes and technology. He then went on to explain the key benefits for members, highlighting the additional benefits available to inaugural members, followed by a short demonstration of the supporting technology solution.
For further information on this session, please contact Paul at paul.sahota@avantage.eu.com or David at david.simmons@avantage.eu.com.
If you would liketo contact by telephone please call +44 20 7709 4000.
