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SOLUTIONS > FINANCIAL DATA MART

Financial Data Mart

Financial Master Data Management for Solvency II

Financial Data Mart

Financial Master Data Management for Solvency II

Master & Reference Data Row
Master & Reference Data Row

Client testimonials

Citazione Alberto Scavino 1The 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, Reale Mutua

Among the subjects considered:

Data Quality, Reporting, Solvency II, Risk Management

Cliente Reale Mutua
NEEDS, CHALLENGES AND SOLUTION
Needs

The needs
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

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

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

“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

The 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

Collaboration

Simple, timely, and effective operations by different stakeholders (~30 persons, 15 offices, 6 departments in 3 countries) with full awareness of the entire process leading to the final certificate

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

Collaboration

Simple, timely, and effective operations by different stakeholders (~30 persons, 15 offices, 6 departments in 3 countries) with full awareness of the entire process leading to the final certificate

La soluzione

The 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

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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