Financial Master Data Management for Solvency II
Financial Master Data Management for Solvency II
The partnership extends also to other Data Management issues […] what we have particularly appreciated in Irion was the timeliness of the process and the software implementation, without setting unrealistic or unattainable objectives.
Luca Fioretti
Data Quality Risk Management
Customer since
2018
Requirements
A reliable, traceable and timely solution for high quality data
Premise: Different organizational units of Gruppo Reale Mutua (in Italy, Spain, Chile) had disharmonized financial data entries in Solvency II.
Reliability and timeliness
Engineering the process of financial data collection
Management of monitoring and reminders to speed up the “Fast close” Solvency process
Management of monitoring and reminders to speed up the “Fast close” Solvency process
Quality, uniformity and traceability
Control over various sources
Automation of financial data convergence process
Possibility to trace and reconstruct any type of data selection and transformation
Automation of financial data convergence process
Possibility to trace and reconstruct any type of data selection and transformation
Central repository and data stewardship
A unified database
Quarterly data Archiving
Audit of rules that have contributed to the changes/ golden record selection
E-mail notifications to the data producers of the final version of data. They contain the relevant data and explicitly mention the titles impacted and changed by the rules of golden record selection and the related sources
Massive automated data export to downstream systems
Quarterly data Archiving
Audit of rules that have contributed to the changes/ golden record selection
E-mail notifications to the data producers of the final version of data. They contain the relevant data and explicitly mention the titles impacted and changed by the rules of golden record selection and the related sources
Massive automated data export to downstream systems
“All-in-one” approach and modules
Constructing a solid system with the possibility of further extensions (for example, by adding data sources, new controls, new strategies of golden record selection)
Solution
Unique, integrated and automated repository for Solvency requirements
Capabilities
Some of the Irion EDM functions used:
Orchestration Automation Workflow Engine
Traceability and automated Audit
Metadata Driven Engine, Execution Datastore
Transformation Rule Engine
Adaptive Data Repository
Automatic Documentation
Dashboarding Reporting
Mail notifications
Orchestration Automation Workflow Engine
Traceability and automated Audit
Metadata Driven Engine, Execution Datastore
Transformation Rule Engine
Adaptive Data Repository
Automatic Documentation
Dashboarding Reporting
Mail notifications
Results obtained
Unified repository of historical data, fully integrated with the data assets related to Solvency II
Integration between different areas (Treasury, Reinsurance, Assets, Partners, etc.) and different stakeholders in Italy, Spain and Chile
Full control over data feeding
Meeting the «Fast Close» deadlines
Quality and coherence of the data acquired
Reduced operational costs: 150 working hours saved
Harmonized, simplified and rationalized process
Integration between different areas (Treasury, Reinsurance, Assets, Partners, etc.) and different stakeholders in Italy, Spain and Chile
Full control over data feeding
Meeting the «Fast Close» deadlines
Quality and coherence of the data acquired
Reduced operational costs: 150 working hours saved
Harmonized, simplified and rationalized process
Challenges
Timing, automation and collaboration
Process timing
Meet the deadlines of the Fast Close process by correctly modelling the calendar, the deadlines, the contributions requested from different stakeholders in «push» mode
Process automation
Data control and golden record selection with no human intervention
Data complexity
Rich set of data controls (more than 50 fields per record). Different strategies of golden record selection depending on the specific field type or data
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