Understanding the hidden risk of Solvency II
Operational risk has always been the hidden risk of insurance – but with Solvency II set to include a capital charge against it, for the first time insurers are grappling with how best to capture it. Clive Davidson reports
Operational risk has always been the most elusive of risks. Insurers know what insurance risk is - it is the bread and butter of their business. They have become more sophisticated in their understanding of market risk and, following in the footsteps of their banking colleagues, credit risk. Op risk, meanwhile, has been less clearly defined. On the one hand, companies maintain they have always
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