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In addition to the risk and finance data challenges of the Standard Formula, the Internal Model approach brings with it the challenge of model validation and governance.
Also, dry runs are highlighting the logistical challenges of running some Solvency infrastructures, even with the support of the project team that built it, which will disperse in the near future. The next step beyond compliance is efficiency in a business-as-usual environment.
This solution is already in production at number of large insurers, and is founded on experience with insurers who pioneered risk and economic capital programmes long before the regulations were as clear as they are today. As such, this solution is adaptable to regulatory changes and the evolution of the insurers IT and business landscape.
For more information please visit: http://www.secondfloor.com/solution/eframe-for-insurance-solvency-ii-internal-model