A lot of what Solvency II addresses is improving transparency across the firm, between the firm and its regulators, and with the customer. SAS recommends these six data quality process steps to support Solvency II initiatives.
As the Solvency II go-live date approaches, insurers and reinsurers in many EU states are already beginning their compliance projects. But searching for the right processes and technology updates can be daunting – almost as though you are under the legendary Inspector’s eye. What type of data audit will be necessary?
Thorsten Hein asks, “Are you a gambler?” When it comes to Solvency II implementation, Hein argues that insurers that concentrate only on the most immediate aspects of compliance will miss out on many of the business benefits that those who fully comply will gain. Their ‘savings gamble’ will actually be a loss.
The Board’s responsibility is to understand the organization’s data gathering process, and then ask the right questions about the results. Here are some questions to get you started on the right path.
A strong infrastructure of quality, integrated data and sound analytics provides a solid foundation for more effective risk management. Assess your data with these challenges in mind to plan a more successful risk management strategy.
Can data management reduce your risk exposure? According to Anne Milley, there is no single measure of data quality, but if you take the time to measure and monitor important attributes of data quality, you can gauge the potential for improvement.
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