Quick addendum to last post - the FT obviously found the thought of two tier too tasty to pass up on , a rare foray of the subject into the pink pages.
Barely able to contain his glee (and I'm not talking show choirs here people), one of the Deloitte directors found the thought of additional outsourced model validation work a very appealing idea. Whether they are brought in as auditors or consultants, this is a sneaky piece of cost avoidance by the regulator, while simultaneously turning salaried work into (much higher) day rate work for the industry.
Hope the budget holders have got their wallets out...
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
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