The implementation date for the Solvency II Directive has been confirmed as 1 January 2016. This is a challenging time frame in which to finish the Internal Model Approval Process (IMAP) to regulators’ satisfaction. The process involves improving current systems, testing the model in a reporting environment and embedding its use throughout the business and the mindset of senior management. The task has been made more difficult for firms that relaxed their development timescales following previous delays to the Solvency II start date.
We can review the proposed approach ahead of the formal IMAP submission. Our insight into leading practice and likely regulatory challenges will help improve the probability of a successful IMAP process. We can also provide guidance to ensure the models’ production process meets the challenging reporting timescales and create management information efficiently and effectively.