Reduce Your Spend On Solvency II

How can we Reduce our Spend on Solvency II

This is a question that is on increasingly on many lips – especially with the news that the plenary vote on the Omnibus II legislation may be further delayed (it had previously been delayed from to the 2nd July, but was further delayed at the end of last week to the 10th September 2012).

There are a number of steps that firms can take to reduce the cost of their Solvency II projects, and whilst many are specific to the individual organisations, one generic approach is to start the transition from “project mode” into “business as usual” as quickly as possible.

From an operational perspective this will allow many firms to mobilise their permanent staff – both developing and utilising their experience in equal measure – and allowing any further changes to Solvency II processes to be introduced as part of a Continual Service Improvement (CSI) cycle as opposed to from within a large Solvency II programme.

This approach should allow firms to start to recognise the operational benefits and advantages (controls, risk management, change management, some reporting etc.) that they have developed as part of their Solvency II programme, as well as practicably proving that Solvency II requirements are being met before there is the regulatory pressure to force compliance.

Amongst other benefits, early transition of Solvency II to business as usual would also mean that key programme staff could be released to work on other parts of firm’s burgeoning change portfolios.

If you would like to learn how Fifth Step can help your firm ensure that it is getting the business benefits from its Solvency II programme today then please contact our Solvency II Team or visit www.fifthstep.com.