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MCEV Resourcing

The following note outlines at a high level the resourcing implications of introducing MCEV methodology into normal shareholder reporting.   This excludes the time required by Neil Meldrum and the Stochastic team and the Prophet development team which is covered elsewhere.   The note also excludes the additional time needed to update budgets and forecasted results.
Total resourcing of the project is estimated at around 230 days – initially split 85 days consultants and 145 days internally.   This excludes consultancy time from Tillinghast.
Consultant Resource
The expectation would be for an experienced qualified consultant to provide around 20 days of expert opinion and analysis including technical papers in the following areas:
• SWAP curve estimation – including researching the possible options available
• Definition of covered business
• Definition of Non-hedgeable Risk
• Implications for NB reporting and setting of assumptions

There is need for Tillinghast consultant resource throughout the MCEV project   to assist Scottish Widows in delivering a best practice approach on conversion to MCEV.   This would require an experienced qualified consultant (Kamran Foroughi).

There would also be a need for a consultant to provide around 65 days support in the following areas:
• Derivation of economic assumptions and develop controlled spreadsheets to produce on an ongoing basis.
• Develop a process for deriving a yield curve and develop a controlled process for regular updates.
• Develop a method for estimating the impact of changing the yield curve.
• An estimated 20 days to support the implementation of a strategy for Non-hedgeable risk.
• General support around calculating the restated values for H1 08 and possibly 2007.
Internal Resource
The remaining resource within Shareholder Reporting (of around 145 days) will mainly cover the following areas:
• Develop spreadsheets used to calculate the MCEV results going forward

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  • Submitted by: sherryyrrehs
  • on December 17, 2008
  • Category: Business and Economics
  • Length: 369 words
  • Views: 584
  • Popularity Rank: 441928
  • 1 rating(s)


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