Great effort from the guys at AEGON, who have managed to ball up their accrued op risk loss in the UK division (from their Scottish Equitable business) into a £20-something million loss.
The first substantial press I saw on this was from when the FSA delivered an almighty behind-kicking at the turn of the year after AEGON UK coughed up to a cavalcade of errors over a number of years.
Bearing in mind how many insurance undertakings will have data cleansing projects ongoing to prepare for Internal Model requirements etc under Solvency II, I think there may be a few more of these around - for now, chalk this one down in your scenario analysis!
PS - Thanks to the massive outage on Blogger yesterday, I am catching up!
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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