There is enormous benefit to be derived from the successful implementation of Solvency II. Businesses need to meet the requirements, and also take it to the heart of their executive agenda. This means taking a much closer look at their operations - establishing what their historic aims have been, how their current operations run, and what their strategic objectives are for the long term - domestically and, where appropriate, internationally.
Right across the breadth and throughout the depth of the business, they need to understand just what is the required scope of the capital model, and how it may need to adapt or evolve to reflect the evolution necessary.
Business owners also need to work out how the many multi-disciplined teams in their business will work together to achieve those aims - in practice, as well as theory. This means bringing actuarial, risk, reporting and operations together with the data and systems' teams that help hem fulfil their roles.
From a risk management and governance framework perspective, there is still much to do - but this is a golden opportunity for change: we want to help our clients cut through the complexities of regulatory change and really embed the benefits of Solvency II into the heart of their business.