Our services cover the following areas:
Strategy: Companies need to determine a strategy that is fit for purpose, set objectives and evidence the appropriate controls are in place. Typical areas covered within strategy include capital management, governance and organisation design, risk management, data management, design and sourcing a capital model, project management scope definition and approach.
We are working with clients, mapping out Solvency II strategy. We are advising on the critical strategic requirements taking into account the size and type of your firm, your future development plans, or capital levels or we can assist by providing training, awareness and briefing sessions.
Operations: Solvency II is likely to have a major impact on a firm's business processes. For example, all insurance businesses will have to have an actuarial function and companies must have a robust risk management process in place.
Our dedicated actuarial function advises on actuarial methodologies or provides an outsourced actuarial resource to meet the Solvency II requirement. Our insurance sector experience enables us to help you identify and fully understand the risks that affect your business, including building a comprehensive risk register and advising on a suitable control framework to ensure that appropriate controls are in place to manage them. Our approach enables clients to monitor strategic objectives, measure targets take action and minimise identified risks.
Data: Reliable and consistent data is critical for the effective operation of models and processes. The focus is on appropriateness, completeness and accuracy.
Combining technology experience and an in-depth knowledge of insurance, Moore Stephens offers solutions including data warehousing and consolidation, data integration, transformation and reconciliation, sophisticated analytic and reporting applications, and performance management process reviews.
Model: One of the biggest challenges is the development of compliant internal capital models or customising existing models and embedding them into day-to-day practices.
At Moore Stephens, through a business planning and forecasting solution, we build internal capital models that can be embedded into your firm. Or if you have a capital model we can provide an independent evaluation of its effectiveness and make sure it meets regulatory requirements.
Review: Good corporate governance ensures that procedures and controls are operating effectively across all operations. An effective internal audit consists of a systematic review of processes in an organisation including premiums, claims, finance, IT, HR and others.
As well as providing both fully outsourced and co-sourced internal audit, the Moore Stephens team can assess the effectiveness of your existing internal audit function, help you establish your own function or perform an audit of any area of the business including IT governance, assurance and security checks.