Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (Eiopa)
Bernardino has spearheaded the industry's drive to Solvency II since his appointment as chairman of Eiopa in 2011. Prior to his role at Eiopa, he served as general director, development and institutional relations at Instituto de Seguros de Portugal, where he began his career in 1989 as an actuary.
Who or what has inspired your work?
I was inspired by the creation of the European System of Financial Supervision of which Eiopa is part. This system represents a fundamental change which provides a huge opportunity for the EU and its member states to ensure a convergent approach to regulation and supervision and contribute to the implementation of a true single market.
What have you learnt about communicating risk?
From the regulatory and supervisory perspective, I can say that embedding a strong risk culture is not an instantaneous task. It takes time, commitment, effort – and its importance needs to be clearly signalled from the very top of the company.
What are the major challenges ahead?
In terms of the Solvency II development, we are now approaching a point in time where the priority is naturally shifting from the regulation to the implementation of the regime across all the EU member dtates. So the major challenge ahead will be to ensure that Solvency II is implemented in a consistent way throughout the EU.
What will be the next big development in risk management?
One of the most relevant and innovative changes introduced by Solvency II is the requirement that insurance companies develop their own risk and solvency assessment (ORSA). Insurers will need to properly assess their short- and long-term risks as well as the amount of their own funds necessary to cover them to ensure ongoing compliance with capital requirements. Conceived as an integral part of an insurer's business strategy, the ORSA is the centrepiece of the Solvency II framework. It will also give the supervisor insight into the quality of the top management's risk understanding.
What are your other interests?
I have a passion for films, especially for the so-called films noirs from the 1940s and 1950s, such as for example Double Indemnity by Billy Wilder, which is related to the insurance theme. Currently my favourite film director is Christopher Nolan.