Financial Risk Solutions has announced that its Invest|GRC™ (governance, risk & compliance) product has been implemented by Hawthorn Life, 15 months ahead of the Jan 2016 deadline for Solvency II asset-reporting.
Invest|GRC™, the investment governance, risk management and compliance software solution for life companies, allows for the fully-automated production of Pillar 3 D1 (investments data) and D4 (investment funds) reports. Its unique functionality consumes and enriches data from various sources, which for Hawthorn Life includes Morningstar look-though data and a fund pricing outsourcer for daily holdings data. The combined data can then be used for monitoring and reporting in the prescribed QRT (Quantitative Reporting Templates) format as well as highlighting specific and pre-determined rules breeches if they occur – all in line with Solvency II asset-reporting regulations.
Brian Aherne of Hawthorn Life comments “Through our adoption of Invest|GRC™ being able to view and report on our investments and funds not only helps us meet our regulatory requirements but also benefits our overall business – and we have been able to do this quickly, efficiently and at minimal cost to our business. The process of adopting the software from FRS was seamless and efficient, which means that we are now 15 months ahead of our regulatory deadline and can concentrate on our main business of serving our clients.”
Connor Sloman, Head of Asset Management Solutions, EMEA for Morningstar “For Life Companies like Hawthorn that use Morningstar look-though data on its funds, integration with a system like Invest|GRC™ is a real benefit in terms of being able to automatically produce the detailed level of reporting required in QRT format. We are delighted that our data can be easily integrated with this system to help ensure that clients can meet their reporting obligations.”
Frank Carr, Chief Marketing Officer at FRS says “QRT reporting is quite a challenge for life companies – mainly because of the sheer volume of data and frequency of reporting required. So having one system that can seamlessly facilitate that, yet has the ability to work with existing data sources is important. Having Hawthorn Life adopt Invest|GRC™ is real testament to our ability to deliver a software solution that works – and puts Hawthorn at a real advantage in terms of Solvency II readiness.”
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