Financial Data Mart

Financial Master Data Management for Solvency II

Financial Data Mart

Financial Master Data Management for Solvency II

Client testimonials

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, Reale Mutua

The results achieved include: a unified and integrated repository; data quality and coherence; over 100 working hours saved; an automated, harmonized and simplified process.

Stefano Prevosto
Data Engineer & Product Manager, Irion

NEEDS, CHALLENGES AND SOLUTION

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)

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

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