Modelling op risk for Solvency II
Around 100 UK insurance firms are thought to have opted for the internal model approach to operational risk under Solvency II, although few have yet figured out exactly how they are going to model op risk exposure. Victoria Tozer-Pennington looks at the challenges they face
The general impression one gets when talking to insurance firms is that formulating an internal model for operational risk under Solvency II is not a high priority, mainly because it is difficult to do. "We spotted that too," says Jim Bichard, insurance regulation partner at PricewaterhouseCoopers in London. "We are making a big investment to help companies out with this."
"Because companies are sprinting pretty fast towards the Solvency II deadline, there is a good chance modelling operational
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