CANCELLED Solvency II Roles & Structures - report of SAI Working Party

DUE TO UNFORESEEN CIRCUMSTANCES, THIS MEETING HAS BEEN CANCELLED AND WILL BE RE-SCHEDULED SHORTLY

A cross-practice working party of the Society of the Actuaries in Ireland was formed to consider:

• how the Actuarial Function and Risk Management Function under Solvency II might operate including the interaction between the two functions,
• the challenges that companies may face in transitioning to new organisational and governance structures under Solvency II, and
• what competencies and skills will be required of individuals discharging the responsibilities of these functions.

 This presentation covers key points from the paper prepared by the Working Party entitled “Creating Effective Actuarial and Risk Management Functions under Solvency II”. The paper/presentation explores whether a full or partial integration of the Actuarial Function and Risk Management Function is possible under the Solvency II framework and highlights the resulting governance challenges and potential conflicts of interest that face organisations in transitioning to Solvency II requirements.