Switzerland

Details

  • Service: Financial Services, Regulatory Services
  • Industry: Insurance
  • Date: 11/15/2012

System of Governance under Solvency II 

Insurance businesses will not only be confronted with new capital requirements due to Solvency II, but also with a change of the governance structure. Solvency II requires an effective corporate governance with a well documented and active risk management, policy processes and procedures, the ORSA, key functions and capital management.
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Many insurers are aware of the Solvency II governance concept, but a major challenge remains the integration of the current governance components into a governance framework which is consistent with the Solvency II directive. KPMG can support you with regards to this challenge. The system of governance under Solvency II includes six components, namely risk management, internal control, ORSA, outsourcing, internal audit as well as actuarial function. KPMG's approach consists of these six elements but is built on a governance landscape, including additionally the terms policies, processes, documentation and controls.
 

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