Pillar 2 requires insurers and reinsurers to have four control functions in place (the risk management function, internal audit function, the actuarial function and the compliance function) and sets their requirements. These requirements aim to ensure that firms are well run and in adherence with good practices.
An effective internal control system which ensures compliance with applicable laws and regulations is a must. Wolters Kluwer Financial Services can provide internal controls that monitor and work to improve the effectiveness and efficiency of the firm’s operations. Our expertise can help the compliance function understand and communicate the impact of laws, regulations and administrative provisions of Solvency II.