Solvency II is not just about capital, it is a comprehensive programme of regulatory requirements for insurers, covering authorisation, corporate governance, supervisory reporting, public disclosure and risk assessment and management, as well as solvency and reserving.
As with most of the regulations that have been published since the credit crash in 2008, Solvency II requires that insurers have a great level of understanding and control of their organisational dataflows, in order to report with confidence and maintain an adequate capital ratio.
Solidatus for Solvency II
Solidatus focuses on three key elements in order to deliver value to its clients in supporting the Solvency II edict.
- A metadata management framework that is flexible and scalable. It allows organisations to customise the metadata stored for each of the data elements and control processes to gain critical insights. Facilitating standardisation and control without placing undue burden on the organisation.
- A dynamic visualisation of data lineage, providing an unrivalled level of understanding of organisational dataflow, more simply and rapidly than any other tool available. Allowing an organisation to zoom in or out to focus on a particular problem case or area of interest.
- Centralised control with de-centralised execution, which means that an extremely large organisation’s models can be keep up-to-date in real-time due to Solidatus’ divide and conquer, crowd-sourcing methodology. It also has an advanced API to allow integration with endpoint services to automatically maintain captured lineage.
If an organisation is unable to create a model that changes in real-time with its process and dataflows it is merely paying lip service to Solvency II’s principles of governance and supervision. Outdated data models also mean key business decisions are based on incorrect data, increasing the risk of change. Solidatus allows insurers to use example datasets to confirm that the data flowing through their systems to regulators matches the organisational schema they have defined and are using to govern and control.