Articles - BNY Mellon launch Solvency II Asset Data Reporting solution


BNY Mellon Launches Solvency II Asset Data Reporting & Governance Solution
New offering allows clients to satisfy regulatory needs and industry best practice

 BNY Mellon, the global leader in investment management and investment services, has launched a new data management solution to meet the European insurance industry's Solvency II asset data reporting requirements.
 
 The new service, built around Eagle PACE™, Eagle Investment System's data management platform, provides Pillar 3 Quantitative Reporting Templates (QRT) reporting. It also supports insurance companies as they negotiate the data governance and data quality hurdles imposed by the new regulations.
 
 The service meets key client needs around Solvency II asset data requirements in respect of:
  
     
  •   Gathering and validating the data from the insurer and the insurer's partners using industry standard templates
  •  
  •   Data enhancement via BNY Mellon's own vendor feeds and the insurer's own management information
  •  
  •   Data consolidation and reporting as specified in the regulations.
  
 Frank Froud, Head of Europe, Middle East & Africa (EMEA) for Asset Servicing at BNY Mellon, said: "To date, the focus for insurance companies has rightly been the calculation of the Solvency Capital Requirement and how this may affect future business. Attention is now turning from Pillars 1 and 2 to Pillar 3, and in particular the contents of the QRTs. The QRT data requirements are extensive, spanning enterprise, portfolio and reference data typically housed on a multitude of systems within both the insurers and their suppliers' organisations. Not only must this data be gathered and consolidated, it also has to be enriched if it is to comply with the strict data quality requirements stipulated by Solvency II."
 
 John Legrand, Managing Director, Europe, Middle East & Asia-Pacific at Eagle Investment Solutions, said: "Our solution provides insurance companies with a centralised approach to data quality management that goes above and beyond the requirements set out in the Directive. Eagle's proprietary data-centric technology means we can automate the process and provide clients with complete, accurate, and transparent data to support greater operational effectiveness and stronger risk-based decision making in the context of Pillars 1 & 2."
 
 Paul Traynor, Head of Insurance, EMEA at BNY Mellon, said: "Market Risk comprises two-thirds of a life insurer's Solvency Capital Requirement. So the creation of a strong data governance model around asset data collection is of paramount importance. When you take into account other complicating factors, such as investments in alternatives and repos as well as securities lending activity, then it is clear there is a definite need for a robust, data-centric solution to meet Solvency II's asset data collection requirements."
  

Back to Index


Similar News to this Story

Closing the net on ghost brokers with email intelligence
As households face the biggest economic squeeze in generations , finding ways to cut the cost of everyday but essential living expenses such as moto
10 Plus C level Claims Executives share their insights
C-level claims executives from Arch, Aviva Canada, Berkley Mid-Atlantic Group and SageSure have just been announced as speakers for Intelligent Insure
Recycling knowledge to fuel green investments
Thursday is ‘bin night’ in my household. A day not to be forgotten if I want to avoid overflowing bins for the next week. It is also the weekly opport

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.