Rudi Oskamp, David Biggin and Michiel Krol
31 October 2014
This article first appeared in Pensioenadvies.
PA financial experts, Rudi Oskamp, David Biggin and Michiel Krol, have had an article published in the Dutch pension industry magazine, PensioenAdvies.
The article outlines how pension funds are not yet required to comply with Solvency II – which comes into effect on 1 January 2016 and aims to regain trust in the public domain by working responsibly – but need to increase their transparency.
The authors explain that the pension and insurance industry must focus on working responsibly and adapt their commercial and operational models to the ‘new normal’. To do this, firms needs to think about the impact regulation and transparency requirements will have on their culture and operations. The company’s mission, vision and core values must be adhered to at all layers of the organisation, meaning all employees must work in line with them during ‘moments of truth’ such as client contact or decision making. Not doing so will put their reputation and customers’ trust at risk– especially in an age where clients share bad experiences immediately via social media.
The piece concludes by setting out how serious gaming could be used to assess the impact of Solvency II and other regulations: “It would provide shared insights on the roles and responsibilities of the most important stakeholders. With these insights, the next step would be to make working responsibly anywhere in the organisation a standard process. For this, it is essential for higher and middle management to be role models and manage their employees proactively. Companies that lack this will have a poorer reputation and commercial success.”
Rudi Oskamp, David Biggin and Michiel Krol are financial services experts at PA Consulting Group
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