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Promontory opened its Brussels office in 2011, establishing a presence in an important financial center that is also the de facto capital of the European Union and seat of the institutions that develop the European Union’s financial services regulation.
The Brussels office serves clients across the European continent and internationally, with a special emphasis on advising insurance companies that are coming to grips with the European framework for prudential supervision and regulation known as Solvency II and its wide-ranging business implications.
Promontory’s capabilities in Brussels include:
- Support in dealing with regulatory and enforcement issues, including assistance in understanding and meeting evolving supervisory expectations.
- Developing effective compliance frameworks and functions and supporting their implementation.
- Reviewing governance frameworks, information and operational flows and supporting board members’ oversight and decision processes.
- Improving the effectiveness of risk management and internal control systems.
- Strengthening data-related processes and quality control as well as risk measurement methodologies.
- Support in defining business strategies and taking policy decisions.
- Providing regulatory intelligence at the local and international level.
- Preparing insurance regulators and insurance firms for Solvency II or Solvency II-equivalent regulation and supervision, including training, internal model pre-application support, and third-party validation of model effectiveness.
- Preparing studies regarding market trends and legislative initiatives.
- Providing strategic advice regarding emerging financial and regulatory issues.