Thursday, 9 June 2011

Ireland - Some random Solvency II/ERM bits

Couple of topical pieces from the Emerald Isle - A whopping, yet apparently generously applied fine for incorrect submissions to the Central Bank. The generosity was applied due to their being forthright upon discovering the error, as well as their rectification efforts. Rack this one up in your Op Risk tail events log.

Secondly, the Society of Actuaries newsletter for June. Great piece on risk aggregation on page 8 (as I blogged earlier, Mr Elderfield has indicated this is a neglected area so grab everything you can on the topic!), a more actuarially slanted breakdown of Ireland's QIS 5 exercise on p16-17, and notification of some pipeline work on ERM, which I look forward to checking out in the near future.

Third, and somewhat bizarrely, a thinly-veiled attack in the Irish press on the FSA's recent efforts in instigating a fistful of white collar arrests - the implication being they were sleeping on the job when the real crime took place. 2011 seems a odd time to point the finger of shame at narcoleptic regulators, particularly when, once their rather 'toppy' staff turnover levels are accounted for, there can't be many of the class of 2007-08 left!

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