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Senior management & new metrics
Expect senior management to be skeptical regarding
any new metrics
v Before the big meetings, sell the value of the new metric
External stakeholder pressures, business insights that yield
immediate value
v Start from the familiar
Show how it relates to existing metrics
v Use a simple worked example
Key is simple
Detail to follow later – knowledge will build over time
Training and investment in people required for
implementation
The key word is implementation
v Building the modelling tools is but the start
value comes from the control cycle of evaluation, communication
and execution of strategies required thereafter
v The key gaps for many companies will be having sufficient
people with sufficient understanding of both sides of the
balance sheet
v Developing the required skill levels at the individual level is
likely to be a process measured in years
In practice, more likely to involve actuaries learning about the asset
side that investment managers becoming expert about the liability
side
Need is for people with a level of assuredness about these topics,
not just passing knowledge