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ERM frameworks [33]

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Bullet points include: Solvency II primarily focuses on risk of bankruptcy of individual insurer. Basel II also focuses on soundness and stability of international banking system. Some anti-cyclical elements also included in Solvency II. Same three pillar structure as Basel II. Pillar 1 – capital requirements, also based on market risk, credit risk and operational risk (and insurance risk!). Pillar 2 – requirement to identify, measure and proactively manage risks, with a forward-looking focus on possible catastrophic events and new business plans. Own Risk and Solvency Assessment (ORSA) and Supervisory Review Process (SRP). Pillar 3 – market discipline through reporting to regulators and public

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