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 of the financial data collection process
Management of monitoring and reminders to accelerate the Solvency “Fast Close” process
Management of monitoring and reminders to accelerate the Solvency “Fast Close” process
Quality, uniformity and traceability
Control of different sources
Automation of the financial data convergence process
Traceability and reconstruction of all types of data selection and transformation
Automation of the financial data convergence process
Traceability and reconstruction of all types of data selection and transformation
Central repository and data stewardship
A single database
Historical data for each quarter
Audit of the rules that contributed to their modification/ selection of the golden record
Notification to data producers of the final version of the data, via email with an attachment containing the relevant data and clear evidence of the titles impacted and modified by the golden record selection rules – and the related source
Massive and automated export of data for downstream systems
Historical data for each quarter
Audit of the rules that contributed to their modification/ selection of the golden record
Notification to data producers of the final version of the data, via email with an attachment containing the relevant data and clear evidence of the titles impacted and modified by the golden record selection rules – and the related source
Massive and automated export of data for 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)
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
Solution
Unique, integrated and automated repository for Solvency requirements
Capabilities
Some of the Irion EDM features used:
- Orchestration & Automation Workflow Engine
- Automatic Traceability and 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
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