Review

Agree and introduce a revised investment framework.

Resource levels are being addressed with greater support provided for the Chief Investment Officer. Head of Investment Risk recruited. Improved risk models nearing completion.

Complete finance programme of work and ensure benefits realised.

New general ledger implemented and a number of underlying processes, controls and reporting developed. Further work required to complete to ensure all improvements delivered and benefits realised.

Review and document finance control framework.

Finance control framework defined and documented.

Implement new expense management system and purchasing workflow approval.

Outstanding due to issues with supplier software but implementation expected in Q1 2009.

Conduct preliminary planning and analysis for IFRS 4 Phase 2 ‘Accounting for Insurance Contracts’.

Proposals have been fluid and developing. We have kept abreast of developments and responded to relevant discussion papers.

• Develop plan for Solvency II requirements and implement. Progress project in line with project plan, specifically application for internal model approval.
• Complete finance programme of work and ensure benefits realised.
• Continue to monitor developments in IFRS 4 Phase 2 ‘Accounting for insurance Contracts’ and respond accordingly.
• Completion of the revised investment framework.