Old Mutual Group has long recognised the importance of strong capital and risk management across its business to help create value. It was for this reason that, in 2007, Old Mutual embraced Solvency II earlier than many organisations and further recognised that Solvency II is as much about delivering value to the shareholder as it is about achieving regulatory compliance.
Senior members of the BaxterBruce team played a key role in the Old Mutual programme once established in 2008 and contributed to developing both the programme approach and the design of the future state organisation. In particular, the need to:
The team were involved in the development of the Solvency II implementation plans both within Old Mutual’s head office and across the wider group, as well ensuring understanding and buy-in to the aims and objectives of the programme and Solvency II across a wide variety of stakeholders.
Most recently BaxterBruce has helped Old Mutual to further develop the approach it will take to meeting the Solvency II Use Test in line with the evolving regulatory environment. This included tailoring the BaxterBruce Use Test Framework Tool to align it with the Old Mutual programme. The Tool is designed to link a company’s Internal Model to the business capabilities being delivered by Solvency II programmes and business-as-usual teams. Old Mutual will use the Use Test Framework Tool on an ongoing basis to help track and measure the company’s state of readiness against the Use Test.
In addition, BaxterBruce has also supported Old Mutual in ensuring successful completion of the first run of its Internal Model as an important input into the half year reporting and business planning processes.