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Conceptual Foundations of a TOM for an ICU

Conceptual Foundations of a TOM (Target Operating Model) for an ICU (Internal Capital Unit)


The ICU is that applicable, particularly in Pillar 2 of Basel II, Basel III or Solvency II; development of a TOM is no easy task but is fundamental to the success of technology and process or competence change when implementing an ICU successfully. Clear demonstration of an effective and operational ICU is fundamental to financial institution supervision today. Development of a TOM needs a great deal of thinking and we at asymptotix have done some of that over the years. The foundations of our thinking about ICU-TOM is the SAP B2P2 white paper, vintage 2006 here but the clear development of our thinking is the peer-group validated, challenged and socialised approach to development of a TOM for an ICU is given in John Morrison's consolidated presentation of thinking in this space for the academic conference circuit of 2009 / 2010 and it is here Below in 5 brief pictures we present a summary of these ideas underlying a TOM-ICU; this is just a beginning, a conceptual foundation but presents some elements for consideration which are 'sine qua non';-

Leonardi & Solvency II: “One Size Does Not Fit All” European Regulatory Changes Could Weaken Consumer Protection

Connecticut Insurance Commissioner Thomas B. Leonardi cautioned fellow regulators and other industry members that adoption of well-intended but untested European regulatory changes, known as “Solvency II” as currently proposed could weaken consumer protections and stability of insurers.

Scottish Financial Risk Academy Third Colloquium 28 September 2011 - Solvency II: Overcoming the Obstacles to Success

The third Risk Colloquium of the Scottish Financial Risk Academy will take place on 28 September 2011 in the Wolfson Lecture Theatre at the Royal Society of Edinburgh.  

Michel Barnier introduction date for the new directive put back from October 2012 to 31 December 2012



Speaking on Tuesday 4 May in BXL at a hearing on the EU's Solvability II Directive (2009/138/EC) revising the surveillance system for insurance and re-insurance (see EUROPE 9887), EU Internal Market Commissioner Michel Barnier said that very few insurers' tax years end on 31 October and he therefore wants the introduction date for the new directive to be put back from 31 October 2012 to 31 December 2012 in order to bring it into line with the end of most insurance companies' tax years (31 December). The review of the Solvability II Directive will be part of the draft "Omnibus II" legislation expected to be unveiled in June 2010 to amend several pieces of financial services legislation to incorporate changes set out in the EU financial supervision package.

Solvency II legislation - Insurers relieved as EU regulators pull back

Big European insurers breathed more easily on Wednesday after the sector’s regulators reined back from a very conservative interpretation of the new capital regime, which companies claimed could have required them to raise billions of additional euros unnecessarily.

After the Credit Crunch: The importance of Economic Capital and how to calculate it

John A Morrison is a Solution Architect in Risk Management. He is Director, Solution Partnerships of Union Legend (Asymptotix) and an advisor to REvolution Computing. He has published in December 2008 an important White Paper that is downloadable on our website. This is a White Paper about "Economic Capital", i.e. the amount of capital which a Financial Institution needs in order to survive in a worst case scenario.

Events of recent months prove that this is no longer an academic exercise. The Credit Crunch has seen Central Governments pumping fresh capital into the banks which were clearly undercapitalized and ill-prepared to deal with the crisis.

The Case for Fully Integrated Models of Economic Capital


By Alexander McNeil, Professor, Maxwell Institute for the Mathematical Sciences, Edinburgh EH14 4AS, UK,

& Axel Kirchner, University of Edinburgh and Gavin Lee Kretzschmar, University of Edinburgh - Accounting and Finance

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