Solvency II significantly increases the management challenges for the insurance industry, include financial modelling, governance and auditability, as well as all actuarial and data functions in general. Data quality must be consistently high across the organisation, and readily available for solvency calculations and disclosure of decisions made.
Businesses face particular problems in accelerating and validating the complex risk modelling completed within actuarial departments. Inevitably a range of spreadsheets will be used for both collating assumptions and completing financial reporting.
Moore Stephens in partnership with ClusterSeven offers spreadsheet management software that complements, accelerates and sustains your transformation to Solvency II by mapping your files and file layers through:
- running data integrity checks and monitoring processes across spreadsheets
- performing detailed analyses on key files which feed into business process mapping
- picking up data changes
- drilling down into a pyramid of files.
By running controls across files you can see precisely where you need to focus to address data quality issues. The system also gives you a detailed picture of what is happening in your files, through constant monitoring of spreadsheets, databases and key files.
The process of identifying and recording all your files and the subsequent implementation of controls forms part of our consultancy service on business process and data flow mapping.