Solvency II: Stakeholder Communications and Change

With the Solvency II deadline approaching, and full implementation expected from January 2016, affected entities are at varying states of readiness with embedding Solvency II into everyday practices becoming a major focus. Programme stakeholder communications needs to be robust to secure compliance and buy-in on both internal and external fronts. If your CEO fails to communicate to the markets your organization's ability to deliver on the EU Directive, or if a local Regulator finds that your Board has failed to embed a risk culture that is aligned with Solvency II, your ability to operate in the Solvency II world will be questioned. Solvency II: Stakeholder Communications and Change explains how to negate such risks. Gabrielle O'Donovan demonstrates how to approach stakeholder communications and change management in a structured and disciplined way, framed by the EU Directive's governance requirements. She demonstrates how to use a variety of tools and techniques to engage people with change and embed new ways of doing things. She reveals how to embed risk consciousness into your culture, helping you secure Solvency II approval and operate successfully in the Solvency II world. Based on the author's original research and the latest industry developments, Solvency II: Stakeholder Communications and Change is well-structured, readable and above all essential for all involved in Solvency II implementation.

Table of Contents:
Contents: Forewords, Trevor Matthews and Adrian Balfour; Introduction; Industry impact and response; Framing the stakeholder challenge; The solvency II 'culture test'; Change management; Stakeholder analysis; The stakeholder communications strategy; Communication plans; Appendices; Bibliography; Index.

About the Author :
Gabrielle O'Donovan is a multiple industry award-winning Change Management practitioner. She has over 20 years international experience delivering and supporting high impact and mission critical change initiatives to increase organisational capability to adapt to change. Gabrielle O Donovan is Principal Consultant and key change management expert with Pcubed, a global consulting firm focused in program, portfolio and change management. Gabrielle developed her repertoire of skills by working with a range of major initiatives for Cathay Pacific Airways. At HSBC Hong Kong, she worked in partnership with the top team to design a culture transformation programme for the Bank and five subsidiaries. 'Together, We Win' has won a number of awards including an ASTD Excellence in Practice Award (USA). At Friends Life insurance she was the Solvency II programme Stakeholder Management and Communications Lead.

Review :
'... here is the main virtue of the book: it is not only providing a fair summary of what Solvency II is all about, but guides the reader through the complex task of change-management, as well as developing communication strategy and plans to address, impress and inform all stakeholders: the staff, the customers, the shareholders, the delivery partners, the supervisors, etc. And this is done in a clear and well understandable style and language, thus the book can be an invaluable help for all those who are involved in the implementation of Solvency II rules into the everyday practice. Albert Einstein wrote once aptly: "you have to learn the rules of the game. And then you have to play better than anyone else." O'Donovan's book helps the reader learn the necessary rules; moreover it even inspires to apply them. The only thing where the reader is left on its own: to play the learned stuff better than anyone else.' Mr Elemer Tertak, European Commission, Principal Advisor, Director General Internal Market and Services 'A very refreshing change. Effective Solvency II implementation is as much about understanding your risk culture and stakeholder motivations than it is about technical matters such as risk modelling, something that much of the literature on Solvency II fails to consider. Gabrielle's book helps to redress the balance highlighting the human side of insurance regulation. An essential read for insurance practitioners and regulators alike.' Simon Ashby, University of Plymouth, UK 'Powerful, practical advice on how to take a strategic and people-focused approach to leading change so as to maximise benefits for the business. [O'Donovan] fills a neglected niche in the Solvency II literature, drawing on a variety of experiences, tools and techniques. While written in a Solvency II context, this book is relevant (and a must read) for anyone involved in managing change.' Andries Beukes, Director, Global Actuarial '[O'Donovan] has succeeded admirably in writing an engaging and readable account, on what can be a difficult topic, whilst recognising and reinforcing the fundamental importance of Solvency II to the way in which insurers will do business in the future.' Robert Surridge, Chartered Insurer, Solicitor, co-author of Houseman's Law of Life Assurance 'This book is based upon the author's original research and it is an essential read for those working in and around Solvency II implementation. The tome is highly readable and well-structured in content...' Dr V.H. Jones, International Professional Management Journal