Getting Pillar 3 on track - don’t risk delay

Pillar 3 can’t be put off any longer. So how can you get Pillar 3 implementation on track, who should be involved and what are the potential bottlenecks?

With supervisors likely to require extensive transitional disclosure in 2013 and getting ready for full reporting in 2014 set to demand a huge step up in data, systems and governance, preparing for Solvency II disclosure (Pillar 3) can’t be put off any longer. By preparing your Solvency II disclosure based on 2012 results, you’ll give yourself enough time to reconcile your Solvency II disclosure with your financial reporting and start identifying any divergence.

If you come to grips with these early enough in the implementation process, you’ll avoid sending out mixed messages and incompatible numbers when Solvency II goes live, and be able to explain the reasons to internal management and analysts.

See also, A step forward for Solvency II reporting requirements.