Description
- Define and document the Internal Model Governance Framework and gain agreement to the framework from key stakeholders including Risk, Actuarial, Capital Management for both Group Corporate Centre and the legal entities within the scope of Solvency II within the EEA.
- Integrate the Internal Model Governance architecture into the existing organisation - this will include potential for creation dedicated oversight committees, updates to existing committees and new processes to ensure committee business supports the IMGF
- Drive the processes and interactions required to give sufficient comfort to the Risk Management function to enable the Internal Model design to be signed off, including a presentation of the Design approach and outcomes for Board Risk Committee and the Board
- Create and deliver approval for the supporting policies required for the IMGF, which will include at least: Validation policy, change policy, overall governance policy
- Create and drive a testing approach to ensure the Internal Model is adequately tested to ensure it's function meets the design requirements both for the Internal Model and for Solvency II
- Create and drive the Validation process and ensure that the internal model passes the required validation tests and includes: validation against the risk profile, P&L attribution etc
- Define approaches to performance reviews including internal (Risk and GIA) and external reviews.
- Create and deliver a process to ensure ongoing assessment of the compliance of the internal model to Solvency II requirements sufficient to be able to communicate the status of compliance to Board, Board Risk Committees and the FSA.
- Ensure that the deliverables required to support the Internal Model Approval Process (IMAP) are delivered to acceptable quality and timescales
- Create the disclosure requirements for the Internal Model for the RTS and the SFCR
- Create the input required for the ORSA process.
- Define an organisation model to manage the Internal Model Governance Framework.