- Regulatory Reporting
- FR Y-14
- Solvency II
- SEC FORM PF
- AIFMD – ESMA ARTICLE 24
- CFTC FORM CPO-PQR
- Risk Management
- Market Risk
- Credit Risk
- Liquidity Risk
- Capital Adequacy
- Basel II-III
- Swap Dealers Capital Computations
SOLVENCY II: Staying Ahead of Regulatory Reforms
AxiomSL’s solution embeds multiple regulatory initiatives on a single platform
Challenges for the insurance companies: Create Regulatory Synergies with Data
Regulations continue to increase in both quantity and power and complying with evolving regulatory requirements become a real challenge. Insurance companies might be tempted to adopt a patchwork of tactical, silo-based systems and tools to meet immediate regulatory needs and discover at a later stage that they underestimated regulators’ expectations. Solvency II (SII) directive will add new challenges around internal controls for each step of data processing as it will require insurance companies to enhance enterprise reporting processes while bringing together information from disparate data sources.
In their efforts to comply either with Solvency II Directive, European Market Infrastructure Reporting, Market Consistent Embedded Value (MCEV) or the International Financial Reporting Standards (IFRS) Phase II, insurance companies should concentrate on identifying and implementing technological solutions that will improve their business performance.
The key technology challenge being faced by insurers is delivering a regulatory / finance data warehouse capable of storing varied source inputs, regular and ad-hoc adjustments and all reported results. At the same time the entire SII and other regulatory initiatives process need to be transparent to both business and IT. To successfully meet these upcoming regulations, insurers will need a robust risk-based capital regulatory framework combined with a flexible reporting solution to give insurance risk professionals the tools they need to confidently monitor and report to regulators. These new regulations compel insurers to strengthen the links among departments (front and back office), resulting in an integrated approach to quickly adapt to changes in both external regulatory reporting and internal data systems. AxiomSL’s IT environment provides transparency and traceability of data structure and delivers consistent information throughout the entire regulatory reporting processes.
Ultimately to control regulatory compliance costs, the technological solution to be implemented should address SII reporting needs as well as be adaptable to up-coming regulatory needs like European Market Infrastructure Reporting, Market Consistent Embedded Value (MCEV) and International Financial Reporting Standards (IFRS) Phase II and not be limited to a particular reporting need. It is essential that insurance companies identify potential synergies between these regulations to improve the effectiveness of the control of the organization and of the reporting to the various internal and external stakeholders. Addressing these initiatives in silos could result in a waste of time, money and resources.
AxiomSL’s data-driven solution is configured for multiple regulators and changing regulations:
Solvency II, Lloyds, IFRS, etc.
AxiomSL, world leader in regulatory reporting and risk management solutions, provides an integrated approach addressing current regulatory reporting requirements while setting the foundations for long-term regulatory strategic improvements to risk management. AxiomSL’s robust data management framework enables our insurance clients to gain full control of their regulatory process and delivers the flexibility required to comply with changing regulatory rules. The fully integrated platform allows for consolidation of technical and business expertise, automation of controls and standardization of processes, which result in focusing beyond compliance-oriented outputs. This end-to-end process-oriented approach provides strategic input to financial institutions for future business models.
Quickly implemented and tailored to suit clients business operating model in order to meet tight submission timelines, AxiomSL’s solution ensures transparent and efficient management of data sources, enterprise data models, business rules and logic, calculations, workflows, reports and submissions. With new regulations ahead, insurers will need to review and validate their data quality, GAAP or IFRS balance sheet figures, and risk exposure calculation results for submission to regulators. Larger insurance firm with entities in different countries will be required to report to multiple regulators and those firms with syndicates in the Lloyds market will be required to report in Lloyd’s specific solvency II report formats.
AxiomSL’s modules deliver data quality, standard SII calculations, and SII reporting (for all EOIPA regulated NSAs and the Lloyds market). AxiomSL’s integrated regulatory platform interfaces with insurers existing data structure without any conversion and enables clients to enhance compliance reporting efficiency, improve the monitoring of processes, collect consistent & harmonized data and achieve economies of scale in addressing both internal and external requirements.
Between now and 2015, insurers will face a plethora of regulations, sometimes with overlapping requirements, stretched out over multiple regulators and different timelines. AxiomSL’s robust technology solution provides a platform where strategic, regulatory and tactical teams can work together, addressing short-term regulatory deadlines while building the foundation for a cost effective end-to-end strategic process.
- Dynamic data warehouse ensures support for assets and liabilities from any source and any client data structure;
- Support for all EOIPA regulated NSAs as well as Lloyds market ensures truly global reporting platform meeting local needs;
- Robust data quality visual business rules ensures business and IT higher confidence in data reported throughout the process;
- Full set of standard Solvency II calculations to accommodate non-internal model firms or products that don’t fit in approved internal model structures;
- Extensive experience in reporting; currently supporting over one thousand regulatory reports and tax returns across multiple jurisdictions and regulators on a single platform;
- Flexible web-dashboard which allows senior management insight for key deliverables, dates and information as a valuable input in major business decisions;
- Single platform which centralizes all information, eliminates manual workarounds, redundant activities and reduces operational cost;
- Open and transparent platform which allows for simplified & standardized processes with a complete audit trail;
- Data-driven platform that covers all jurisdictions and multiple regulatory mandates not just
- Fully functional reporting solution which allows for fully customizable flash, management and
- Empower clients with a risk-based capital regulatory framework;
- Ensure complete transparency with an audit trail interfacing with clients’ business systems
- Deliver a single platform which centralizes information from multiple systems and location and adapts to changing regulatory requirements
- Provide extensive experience in reporting across multiple jurisdictions and regulators with one integrated solution.