Solvency II – is your IT compliant?

There are stringent audit, security and control processes demanded by Solvency II legislation that impact data management within the wider context of the risk/actuarial environment.

The directive demands that insurers do significantly more than simply store data - the transformation process must be transparent, documented and repeatable to stand up to audit enquiries.

As such, insurers need to make sure their IT department asks itself the following questions:

• Data quality - can the data be trusted?
• Auditability and transparency - how do we demonstrate to the regulators that controls are in place?
• Documentation standards - is there proper documentation to describe the models?
• Computing power - do we have the raw computing power to run complex actuarial/risk models on demand?

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