Solvency 2 is a fundamental review of the capital adequacy regime for the European insurance industry that aims to establish a revised set of EU-wide capital requirements. Its intention is that these requirements will help supervisors protect policyholders' interests more effectively by making prudential failure less likely – reducing the probability of consumer loss or market disruption.
The framework under development consists of three ‘pillars’. Pillar 1 sets out the minimum capital requirements firms will be required to meet for insurance, credit, market and operational risk. Pillar 2 will be the supervisory review process – because of this, supervisors may decide that a firm should hold additional capital against risks not covered in pillar 1.
The aim of pillar 3 disclosures is to harness market discipline by requiring firms to publish certain details of their risks, capital and risk management.
All requirements were visualized and can be used throughout the Corporate Modeler toolset and can be easily customized to your organizational environment. Because of our extensibility you are free to add your own Audit question and controls and cross reference them with the modeled requirements, with your own processes or you can use the pre defined ITIL process model and get the cross references out of the box.
As part of our Casewise tool set you will be able to schedule audit questions and controls in order to perform internal checks/audits or just performed simple assessments. Based on this data you will be able to communicate the results via our HTML Portal within different Dashboard or list views. This data can also be maintained (create, delete, update) via the Portal (web front end).
 | to download the Solvency 2 Datasheet |
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