Solvency II is not just about capital, it is a comprehensive program of regulatory requirements for insurers, covering authorization, corporate governance, supervisory reporting, public disclosure and risk assessment and management, as well as solvency and reserving.
As with most of the regulations that have been published since the credit crash in 2008, Solvency II requires that insurers have a great level of understanding and control of their organizational dataflows, in order to report with confidence and maintain an adequate capital ratio.
Solidatus for Solvency II
Solidatus focuses on three key elements in order to deliver value to its clients in supporting the Solvency II edict.
- A metadata management framework that is flexible and scalable. It allows organizations to customize the metadata stored for each of the data elements and control processes to gain critical insights. Facilitating standardization and control without placing undue burden on the organization.
- A dynamic visualization of data lineage, providing an unrivaled level of understanding of organizational dataflow, more simply and rapidly than any other tool available. Allowing an organization to zoom in or out to focus on a particular problem case or area of interest.
- Centralized control with de-centralized execution, which means that an extremely large organization’s models can be keep up-to-date in real-time due to Solidatus’ divide and conquer, crowd-sourcing methodology. It also has an advanced API to allow integration with endpoint services to automatically maintain captured lineage.If an organization is unable to create a model that changes in real-time with its process and dataflows it is merely paying lip service to Solvency II’s principles of governance and supervision. Outdated data models also mean key business decisions are based on incorrect data, increasing the risk of change. Solidatus allows insurers to use example datasets to confirm that the data flowing through their systems to regulators matches the organizational schema they have defined and are using to govern and control.
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Solidatus unlocks the true business value behind data. A lineage-first approach enables organizations to connect and visualize data relationships across the enterprise, simplifying how they identify, access and understand them. With a reimagined, sustainable data foundation in place, organizations can mine actionable intelligence and solve complex problems to deliver transformational business results.
Solidatus is a member of the EDM Council.