Solvency II and the Challenges of Pillar III Reporting
With the Marcus Evans Pillar III Reporting and Data Quality Conference just around the corner, we had a quick chat with Alana Clark, Head of Financial Policy and Control at Barbican Insurance Group, about Solvency II and the ongoing challenges of Pillar III reporting.
Solvency II was implemented on the 1st of January 2016. Since that tumultuous journey to implementation, those tasked with ongoing Pillar III reporting have had little time to rest. The challenges and complexities linger, now joined by the question of how best to set up a strategy to provide frequent reports which are thorough and accurate.
With five years experience working on Solvency II reporting for Lloyd’s and non-Lloyd’s platforms, Alana Clark (pictured left) is well-versed in both the implementation and the upkeep of these regulations. In her current position as Head of Financial Policy and Control at Barbican Insurance Group, Alana is also responsible for keeping the finance team up-to-date with, amongst other things, Solvency II developments.
The key to a successful Pillar III reporting strategy is, according to Alana, the right systems for correct data extraction, the right processes to maximise review time, and the right people who understand all of the regulation’s details and nuances. By optimising elements of Pillar III reporting, you are able to free up more time to ensure accuracy and stringency.
The time taken to collate and submit relevant data is another key issue. To this end — and similarly to other reporting systems — large quantities of accurate data are aggregated centrally. This data can then be drawn from the aggregate with the correct asset clarification, ensuring timely reporting and allowing meaningful regulatory analysis.
It seems a given that automation should form the basis of continued regulatory reporting, as Alana attests. In some instances reporting can be a quarterly — or even monthly — event. Automation allows formidable amounts of data to be processed and validated while mitigating human error, alongside making the whole process faster.
Moving on to the conference itself, Alana hopes to gain an overview of how her colleagues are acclimatising to Pillar III — not only amongst other Lloyd’s businesses, but across the company market as a whole.
For the full interview with Alana, click here:
Back in April, Marcus Evans hosted a webinar in collaboration with BearingPoint which covered the business value of Solvency II data, the status of day one reporting requirements, the expected changes to Pillar III reporting requirements and the decommission of the EIOPA Tool for Undertakings (T4U). Also discussed was a business case study of BearingPoint’s Abacus Solvency II reporting software in action.
To download the Solvency II webinar and accompanying slides, click here:
The webinars don’t end there, as we inch our way towards the October 6th panel discussion: Increasing Global Harmonized Regulation — Solvency II Post Go-Live: Challenges & Opportunities for the Insurance Industry. The panel includes representatives from AIG, Groupe Aesio, Standard Life and BearingPoint, all of whom will discuss some of the key issues that face the insurance industry going forwards.
To download this webinar that took place, click here:
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