Praxis Governance: assisting with Equivalence Alignment in Financial Services Post-Brexit
Brexit gave back UK financial institutions the freedom to shape their destiny. Praxis Regulation, part of Praxis Governance, helps you master the ‘Equivalence’ frameworks for better Continuity and competitive edge.
Post initially published on 21st April 2021 | Republished 20th Nov 2022
In April 2021, we introduced Praxis Regulation, part of Praxis Governance, as a wrap-up of our expertise dedicated to financial services in the articulation of post-Brexit evolutions.
Brexit gave back UK financial institutions the freedom to shape their destiny.
Praxis Regulation helps you master the ‘Equivalence’ frameworks for better Resilience and competitive edge, with a focus on the pressing topic of Insurance – Solvency 2 being deployed by the Bank of England.
‘No Rules’ in Brexit Deal Means a Window for Your Rules
Following Brexit, UK insurance companies can no longer rely on the existing ‘passport’ provisions to sell financial services to European customers.
Prudential II Framework – An Opportunity Among Others
Among opportunities in this key market for the UK, the Bank of England and Prudential Regulatory Authority (PRA) have now more flexibility on Solvency 2 equivalent rules which will help to maintain the integrity and reputation of London’s insurance companies whilst at the same time, giving it the flexibility to adapt more quickly to opportunities and challenges overseas and protect customers more effectively.
Our Consultants will Trek with You on this Journey
We help you to align insurance solvency regulation with that of other regulations such as new accounting standards, as developed by the International Financial Reporting Standards, for insurance companies, reducing the ‘silo mentality’ that often exists within large compliance departments.
We assisted major banks and regulators in measuring solvency for Basel and other requirements, steering them in the right direction towards better investment in resources and business excellence.
As a standard with us, no cut and paste or ready-made: we bring bespoke and innovative thinking, right from the first time and design the future, with you.
Visit our Praxis Governance page
Insurance – Solvency 2 essential scope summary
AIMS: Protection of policyholders and harmonisation across borders
INTERNAL RISK MANAGEMENT: Develop appropriate reward systems and diversification strategies
ANNUAL RETURNS: Design databases to produce accurate regulatory reports
SUPERVISORY REPORT: Link the firm’s risk strategy to regulatory requirements
MARKET RISK SENSITIVITIES: Identify a risk mapping system so that risk management can be measured across portfolios
INTERNAL MODEL OUTPUT: Decide upon trades-off between accuracy and transparency is very important at the implementation stage
GROUP V SOLO RETURNS: Firms must develop a consistent system to merge group risk
FINANCIAL REPORTING: Determine Tier one, two and three capital requirements
Learn more on Praxis Regulation on our Praxis Governance page
Visit our Praxis Regulation page to explore our Business Continuity and Risk Governance Praxis.
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