The Consulting Consortium adds Solvency II function to Risk Frameworker

The Consulting Consortium has announced the development and addition of a Solvency II function to its Risk Frameworker tool as a result of client demand.

Solvency II is a fundamental review of the capital adequacy regime for the European insurance industry. It aims to establish a revised set of EU-wide capital requirements and risk management standards that will replace the current Solvency 1 requirements.

The FSA recently announced regulations which it said would bring substantial long-term benefits to the competitiveness of the UK financial services sector.

Under the rules, the watchdog has introduced a narrower definition of what can be described as liquid assets, with firms required to introduce enhanced systems and controls as well as reporting more frequently.

TCC’s Risk Frameworker tool enables financial services firms of all sizes to "self assess" their firm's progress using a set of key questions and provides a vital audit trail for dealing with FSA visits. It covers a comprehensive range of key areas such as Senior Management Arrangements, Risk Management Systems and Controls, Liquidity Risk, Credit Risk, Market Risk, Insurance Risk and Group Risk.

Of particular relevance to all regulated firms, the Risk Frameworker provides a test of preparedness, a repository for key information and a "heat map" highlighting firm’s areas of strengths and weaknesses in one graphic and clear snap-shot.

The tool takes firms through each topic asking critical questions to which they will respond according to their state of preparedness. As the individual firm works through the questions, the heat map changes to green, amber or even red therefore immediately highlighting areas where further attention is required. By simply working through the seven headings and their associated questions, green indicates that they have answered yes and provided supporting evidence or information, amber indicates some action is required, and red indicates that urgent action is required.

Joanne Smith, Chief Executive & Creative Officer at The Consulting Consortium, said:

“Despite attracting some negative attention the potential impact of Solvency II has not escaped the consideration of many firms and this function has been added as a direct response to client feedback. We are constantly upgrading our highly sought after Risk Frameworker solution to ensure that it provides all the relevant information needed to fulfil FSA requirements and this addition is the latest in a string of feature enhancements.

“Risk Frameworker has already proved a critical addition to the armoury of all compliance officers this extra feature will help firms of all sizes be suitably prepared for any regulatory visit.”

For full information on The Consulting Consortium, firms should visit: www.theconsultingconsortium.com

For further information please contact:

The Consulting Consortium; Tel: 0207 645 8808; Email: cst@theconsultingconsortium.com
Scott Philipson, White Dragon Communications Ltd, Mobile: 07786 226520; Email: scott@whitedragoncomms.co.uk

Notes to editors

Founded in 2000, The Consulting Consortium (TCC) is a regulatory consultancy which provides advice and guidance on activities regulated by the Financial Services Authority and, in particular, the application of the FSA's regime on financial services products.

With offices in London and Yorkshire, The Consulting Consortium's consultants offer innovative, fully FSA compliant and long term solutions to client's individual regulatory scenarios. The Consulting Consortium's sister company, TCC Recruit, specialises in recruiting staff for regulatory compliance, risk and corporate governance positions.

The Consulting Consortium is quality conscious at all times and offers clients a quality of service which is unsurpassed in the regulatory industry.

The consultant database is hand picked and managed by The Consulting Consortium’s own full time resource. This allows The Consulting Consortium to be highly responsive to clients needs whilst offering exceptional service and value for money.

The Consulting Consortium's sister company, TCC Recruit, specialises in recruiting staff for regulatory compliance, risk and corporate governance positions.