Insurers around the world are dealing with increased regulations and increasingly nervous regulators, just waiting for the next crisis to see how insurers will cope. In South Africa, SAM presents opportunities and challenges and the potential for a great deal of expense with limited direct business benefits. Of course, the regulations in some form or…
Seems like the SARB is requiring South African banks to adopt Basel III (or the tweaks to Basel II that people are calling Basel III) in line with international developments. Meanwhile, it seems the FSB is still committed to a 2014 deadline for SAM. Given the range and size of stumbling blocks still to be…
Basel II (and the collection of changes called “Basel II” by some), King III, Solvency II / SAM, IFRS changes, Treating Customers Fairly, FICA, Protection of Personal Information, RE exams and of course RICA all cost a small fortune. Â Only the last doesn’t affect financial services companies. Â No wonder the major industry concern is over-regulation.
CEIOPS issued additional guidance around the standard formula for calculating capital requirements in respect of operational risk late last year. Why was a new OpRisk formula needed? The original formula for OpRisk proposed in QIS4 was widely condemned. Complaints included being too simplistic, being insensitive to risk (and basely primarily on business size) and the…
