Fifth Step’s tool, called the Solvency II Health-Check Process (HCP), is a sophisticated toolkit predicated on many hundreds of pre-set, Solvency II related questions, ranging from high-level conceptual to ‘deep-dive’
* Specific area of guidance
The process used in HCP has been specifically designed by Fifth Step to enable information based discussions with its clients, to identify current status, where gaps may still exist and where solutions (new or enhanced) are still required. Once completed, the information gathered is used to create a report of the client’s actual and developing state of readiness for Solvency II.
To coincide with the unveiling of its comprehensive toolkit, Fifth Step has also launched a free ‘Lite’ online version of HCP. Representing a subset of the overall health-check within HCP, the online tool is a very useful sample of some of the matters that need to be fully considered by firms in key areas such as Data, BCP, Change Management, Risk Management, ORSA etc. Insurers and Reinsurers can access the ‘Lite’ version by registering at: http://www.fifthstep.eu.
Excited about the release of HCP, Darren Wray, Fifth Step’s CEO, commented: “We believe that our Health Check Process is the only one of its kind in the market place, and we look forward to it helping firms of all sizes assess their Solvency II readiness.”
Speaking about the free ‘Lite’ version of the Health Check, he said: “I’m extremely pleased that we’ve been able to make a subset of our questions available online. We believe this resource will be of genuine benefit for insurers and re-insurers alike, and I encourage them to register for access on the website.”
In addition to releasing HCP, Fifth Step has recently expanded its specialist team of consultants, reflecting the increased demand for Solvency II compliance support both in the UK and worldwide.
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Fifth Step is a specialist provider of governance and business continuity solutions and services. Headquartered in the City of London with local offices in the Thames Valley, the Midlands, Yorkshire and East Anglia, the company is committed to helping companies implement governance and best practice. It works with its clients to ensure they are optimally equipped to implement their governance, technical and business continuity programmes as effectively and efficiently as possible.
Fifth Step’s name comes from the fifth step in the ITIL process, Continual Service Improvement, and undelines the company’s passion and commitment to help its clients ensure that their governance and processes are in step with the changes that their businesses constantly undergo.
As a trusted partner Fifth Step works closely with its clients across a range of sectors and territories. Its consultants operate throughout the UK, Continental Europe, North America, Asia and Australasia.