Gap Analysis for FSA – Regulatory Requirements

We performed gap analysis work for various clients in the London Insurance Market to help them demonstrate to their key Stakeholders their Solvency II status.

We performed gap analysis work for various clients in the London Insurance Market to help them demonstrate to their key Stakeholders their Solvency II status. Based on our findings, we presented them with a plan that outlines what they needed to do to fully implement Solvency II within the required timeframes.

Our task was to perform the analysis by reviewing the existing Solvency II documentation and governance structure, comparing them with the Solvency II requirements, interviewing key individuals to confirm our understanding and documentation of our findings. The analysis covered all areas of Solvency II requirements.

Key deliverables and benefits:

1. Documentation of the Company’s current Solvency II status,

2. Identification of the gaps and areas which required improvement to fully meet the requirements,

3. A gap analysis summary schedule presented to the Stakeholders, which provided transparency to all different groups, and

4. Developed a project plan that included a detailed work plan and tasks for implementation, with the suggested timelines.