Triple A Solvency II Readiness Assessment is a comprehensive audit of the progress of preparations of the insurance company to meet the Solvency II requirements.
The audit includes direct interviews and workshop sessions with members of the risk team, detailed review of internal documents at the operational level and the analysis of strategies, plans and long-term objectives. During the assessment, from the very start until its completion, we closely cooperate with persons responsible in the insurance company for the Solvency II operations. On a daily basis the management is able to monitor the specific parts of the audit and the conclusions following from them.
In order to conduct the Solvency II Readiness Assessment we use our unique set of questions and issues which include the most important topics specified in the Solvency II directives. On this basis we assess the actual progress of preparation of the organisation to meet the requirements in the categories such as Solvency Management, Governance system and External Reporting. Using a special “score chart” we show to what degree the insurance company is “Solvency II compliant”. At the same time we identify the so-called “bottlenecks” in the Readiness Assessment – barriers for the final compliance of the organization for Solvency II.
The effects of the Triple A Solvency II Readiness Assessment are measurable: the management and/or the CRO know exactly which Solvency II tasks have been performed, whether they have been performed correctly and whether they meet all requirements.
In most cases Solvency II Readiness Assessment is just the first stage of cooperation between Triple A - Risk Finance and insurance companies. During the next phase we provide other services in the Solvency II area, supporting adequate analysis and reporting. We provide these services based on our experience gained in recent years thanks to the cooperation with numerous insurance institutions (life, property, healthcare; small, medium and large institutions).
Triple A - Risk Finance comperhensive offer for Solvency II Directive implementation: