Solvency II, seen differently
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SolvEcon aims to provide novel solutions to business problems and effectively presents a different way of looking at the future through Solvency II.
We believe that a well grounded Enterprise Risk Management framework which puts the Solvency II models at its heart will give an insurance firm the competitive edge in a challenging marketplace.
We employ a savvy group of specialists encompassing a wide range of skills, including mathematicians, statisticians and economists, each a distinguished expert in their field and together creating a fresh outlook on Solvency II.
To ensure a successful outcome for a firm, we provide assurance and assistance with programme design, programme management and benefits realisation, through innovative methods of analysis and prediction.
Our team comprises an elite group of highly experienced and expert problem-solvers. In solving any problem, our specialists pay close attention to the key parameters and drivers involved; only by making a clear analysis of this and fully considering the feedbacks in any model is it possible to identify the right analytical approach to its solution.
Through this approach we have achieved success time after time and are reputedly adept at resolving seemingly intractable enigmas.
Patrick Girling
Peter Ambrose
Bridget Rosewell
Paul Ormerod
SolvEcon was established in 2009 by Peter Ambrose, Patrick Girling and Bridget Rosewell. They are all people who firmly believe that good regulatory change should be practical to implement and be used widely within a firm.
They were concerned that too much blind faith was being placed in mathematical models whose capabilities and limitations were not understood by those who were using them to make decisions based on their outputs.
From the challenges of model building and rating system design through to the understanding of economic impacts and stress testing, our team of consultants are committed to work together with clients to help them respond to the push of the new insurance regulation regarding capital requirements known as Solvency II, which comes into effect in October 2012.
SolvEcon recognises the scale of the change required, both in terms of the modelling required but also in getting the Board of Directors and other senior managers to understand these frameworks and make them a central part of how they manage a business.
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Volterra Consulting
135c Sheen Lane
London
SW14 8AE
Patrick has worked in Financial Services for over 25 years almost exclusively in the governance arena.
As an experienced senior manager, he has built & developed risk, compliance & audit teams that deliver quality solutions to the business whilst meeting current legislative requirements.
Known for his pragmatic and engaging approach to governance, Patrick has latterly been advising companies on the governance frameworks to support the Basel and Solvency II legislation. In this work he has advised and delivered training to boards, provided consultancy services and acted as an interim manager to help businesses develop their approach to governance.
Patrick is currently providing senior interim management support to a large life and pensions company and is an NED for a niche financial services organisation.
Unlike many consultants, Patrick understands the requirements of businesses because he has held approved persons roles for internal audit, compliance and risk management in his career both as a permanent employee and as an interim.
THE TEAM
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Peter has an extensive range of experience with over 25 years spent in large corporate environments. Fifteen years in IT consultancy provided extensive exposure to a number of corporate clients including the Association of British Insurers, AGF insurance, Swiss Re, ABN bank, The Housing Corporation, British Telecom, Motorola, and Credit Lyonnaise. He has spent the last 5 years running change programmes in the Financial Services sector.
Peter led the implementation of Basel II at a large Building Society, leading to successful adoption of the IRB approach. He was accountable for implementing the regulations including the building, testing and implementation of Credit Risk models for Prime and Non-Conforming retail mortgage books, introducing a slotting approach for a Commercial Property book, using a standardised approach for lending to Residential social Landlords (RSLs). He was responsible for ensuring that all Use Test requirements were met and that the appropriate governance frameworks were in place and could be evidenced as suitable.
Peter led the engagement with the FSA for the Basel II approach and successfully delivered the Waiver Application and the ICAAP. He was also instrumental in building a Business As Usual team to manage the capital modelling and calculations and to ensure that Stress Testing was robust and appropriate.
Bridget Rosewell is Chairman of Volterra Consulting, which she established with Paul Ormerod in 1998 to deliver innovative solutions to business and economic problems.
She is an economist by profession who has already established two successful consultancy businesses. She is Chief Economic Adviser to the Greater London Authority and the Mayor of London, Boris Johnson. She advises on monetary policy to the Treasury Select Committee and comments on the macro-economy. She was a member of the so-called Seven Wise Men which advised the Chancellor, Kenneth Clarke.
She was also a Non-Executive Director of Britannia Building Society for ten years from 1999 and Chair of the Audit Committee for three years, including during the financial crisis and the merger of Britannia with the Co-operative Group. She is experienced in dealing with financial regulation, the FSA and the Bank of England.
www.bridgetrosewell.com
www.volterraapproach.blogspot.com
Paul Ormerod is one of the most experienced business economists in the UK, having been a director of economics consultancies for nearly 30 years.
In addition to Solvecon, he is a director of Volterra Consulting. He was previously Deputy MD and Director of Economics at the Henley Centre for Forecasting, which the management owned and sold to Martin Sorrells WPP Group PLC. Prior to that, he was Head of the Economic Assessment Unit at the Economist newspaper group.
He read economics at Cambridge and did the MPhil at Oxford. In 2009 he was awarded and honorary Doctor of Science by Durham. He was elected a Fellow of the British Academy of Social Science in 2006.
He has written 3 best-selling books, the Death of Economics, Butterfly Economics and Why Most Things Fail, the latter a Business Week US Business Book of the Year.
www.paulormerod.com
www.paulormerod.blogspot.com
NEWS 01/09/10
CEIOPS has published the spreadsheet to be used for QIS5 submission. Solo-undertaking completetion is due in mid-October and groups in mid-November. Access the document here.
ENTERPRISE RISK MANAGEMENT | PROGRAMME & REGULATORY ASSURANCE | MODEL VALIDATION
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