Solvency II programmes are complex and require a considerable volume of technical and specialist change. Senior leadership from across the organisation must fully understand the purpose and requirements of Solvency II and drive the required changes through their organisations. All this work is carried out in parallel with the need to meet current regulatory reporting requirements through to the end of 2012. As a result, stakeholders must manage two parallel worlds - business as usual and the future Solvency II world.
Strong sponsorship and leadership is critical. Timely and informed decision making requires a sponsor with a vision for how the organisation will function within the Solvency II world and who can properly evaluate the different options to achieving that.
Board engagement is also crucial to the programme's success. The detailed technical challenges of understanding Solvency II mean that a comprehensive Board education is required. Boards are naturally very nervous of the risk of failure in such large scale and complex change programmes.
The programme requires a broad range of skills to be coordinated to design, build and deliver these changes. These skills include actuaries, risk, systems and data specialists, project managers and business analysts. We can bring together all of the relevant skill sets required to support you in your programme. For many organisations Solvency II will be the largest programme that has been built on these disciplines and so experience of such large programmes, and the required volume of planning and documentation, may be limited. We understand how to design and deliver these programmes successfully. Our track record speaks for itself.