Deliver Accurate, Trusted, and Holistic Data for Solvency II Compliance
To date, much of the European insurance industry fails to comply with Solvency II mandates. Few companies have provided sufficient evidence to satisfy data quality, data transparency, and data management regulations. As a result, regulators have extended the deadline for compliance to 2014.
But even with additional time to meet the Solvency II requirements, insurance firms continue to face significant challenges in doing so. Among these are the limitations of traditional business silos, growing data volumes, proprietary data formats, and the lack of proper tools to support existing data governance practices. To ensure their compliance with Solvency II standards, insurance companies require capable and proven technology for managing data quality, transparency, and business comprehension of existing data assets when the law goes into effect.
The Informatica Data Quality and Governance Solution for Solvency II Compliance
The Informatica data quality and governance solution for Solvency II compliance helps insurance companies deliver accurate, trusted, and holistic data in compliance with Solvency II regulations. It achieves this by leveraging industry-leading data integration, data quality, and metadata management software.
With this solution, you can:
- Access and deliver required data of any type, from any system, in any format for ongoing risk modeling and regulatory reporting
- Meet standards for data transparency and documentation required for Solvency II compliance
- Avoid inaccurate risk calculations and information by monitoring, detecting, and addressing data anomalies from upstream data sources
- Improve business comprehension of data available and used for Solvency II compliance
- Avoid the costs, risks, and project delays caused by hand-coded data integration and quality management
Key Capabilities of Solvency II Compliance
Unlike traditional tools and processes to manage data integration, data quality, and governance for Solvency II compliance, the Informatica solution provides specific capabilities that allow data analysts, data stewards, data owners, and IT developers to access, manage, and deliver trusted, timely, and audit-proof data.
This solution is based on the Informatica Platform and features the following capabilities to support Solvency II data standards and requirements:
- Enterprise data integration for accessing and integrating insurance data to and from internal and external sources in any format, structure, or latency to feed risk calculation models and Solvency II data warehouses
- Robust data quality discovery, profiling, and auditing specifically designed to allow data analysts and data stewards to identify, measure, and increase awareness of data issues and anomalies
- Data quality rules development and management console to create reusable Solvency II data quality rules for use in existing data integration processes and as a data validation service for upstream systems
- Proactive data quality monitoring to ensure a proactive and agile response to Solvency II data quality errors and errors that require immediate attention
- Data quality dashboards for data owners and line-of-business stakeholders to provide visibility into ongoing Solvency II data quality performance
- End-to-end data lineage analysis and reporting to satisfy audit requests from regulators and comply with Solvency II data transparency and documentation requirements
- Business Glossary for data stewards to manage and maintain business terms and definitions of data used for Solvency II and to allow nontechnical business users access to those definitions from their desktops