The Solvency II Directive is changing forever the way insurers conduct business.

Slated to be implemented next year and take effect in 2014, Solvency II is a comprehensive regulatory framework aimed at protecting consumers by promising that insurance companies maintain sufficient funds to meet all claims.

Perhaps the most pivotal part of complying with this initiative is defining the requirements for governance, risk management and supervision, something many agencies are struggling to do.

This brief paper outlines how Unum, a specialist in financial protection insurance in the United States and the United Kingdom, implemented an operational risk management solution to assess and manage risk and controls, capture data on risky events and provide detailed reporting and analysis, completed in 11 months and within budget.

Read this now and learn how Unum selected between four different options before settling on its chosen solution, and also gain insight into the many benefits of employing such a system, including:

• Compliance with Solvency II standards
• Reducing the time spent on collecting data for reporting and analysis
• Aligning day-to-day risk management practices with ease
• Ultimately minimizing avoidable losses through improved visibility of risk across the entire organization
• And much more