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Compliance reporting

Solvency II / TPT / SCR

SERVICES
COMPLIANCE REPORTING
CUSTOMER REPORTS
ACARDA PLATFORM

Solvency II is a European directive that serves to reform and harmonise insurance supervision. Solvency II took effect in January 2016 and pursues a three-pillar approach.

The first pillar regulates capital adequacy. Insurance companies are obliged to calculate the Solvency Capital Requirement (SCR) values of their investments on a monthly basis. The required overview of the financial assets must include 130 date fields.

The second pillar impacts risk management. Qualitative requirements (“fit and proper” criteria) are imposed, for example, on Boards of Directors of insurance companies and regulate quality assurance and data security.

The third pillar defines reporting obligations. Firms are required to report using a standardised form to ensure transparency towards regulators and investors. The standard format is the Quantitative Reporting Template (QTR).

what this means for your reporting

Asset managers

are obliged to monitor the data quality of their direct and indirect investments. Furthermore, they must ensure that their SCR calculations reporting is classified correctly.

Investment managers

must provide detailed portfolio data to the insurance companies. Investment managers without an insurance mandate are affected via target funds or fund- linked insurance structures.

Fund administrators and management companies

often take on the services of the investment manager and insurance companies. They therefore need an adequate European system which can integrate external look- through data and enrich internal data.

our solution: acarda Solvency II

In line with the Directive, the acarda Solvency II solution covers the entire process of data management and reporting for liquid and illiquid investments.

data management, look through & SCR

  • Automated data integration of fund operations solutions, platforms, internal databases and third-party systems — for own and target funds (look through) and insurance companies’ direct investments
  • data enrichment with CIC, NACE, LEI and issuers
  • SCR calculations in line with EIOPA directives

risk management & controlling

  • data lineage and data controlling via data exports in CSV
  • quality assurance of data through plausibility checks and audit trails
  • Automated process monitoring using a traffic light system
  • solution operated in Tier IV-certified data centre in Luxembourg

reporting for investors and regulators

  • creation of Tripartite Template (TPT) for the exchange of data between investment managers and insurance companies
  • generation of QRTs for insurance companies
  • safe, browser-based data access for portfolio managers fund companies, administrators and insurers

what’s special about the acarda solution

  • Using a single integrated platform for data management, to calculate risks and costs and to create and distribute reports increases the efficiency of all processes.
  • The modular acarda system can be used immediately. It is operated in our certified data center in Luxembourg and does not require any additional IT infrastructure thanks to the browser-based user interface and a central Oracle database.
  • Rapid implementation and a comprehensive support service ensure all regulatory and client-specific requirements are met on time.
  • Highly automated data management and report creation reduce the time and money you have to invest.
  • The web-based acarda dashboard guarantees full transparency over the entire reporting process.
  • Throughout the reporting process you will have access to extensive support and consulting services.
  • By choosing our optional Business Service you could outsource the entire process to acarda.
  • Service Level Agreement: How our Software as a Service works can be configured according to your needs. You pay only for the service you use and on the basis of a contractual agreement.

the acarda Solvency II Reporting chain

End-to-end data exchange & reporting with acarda Solvency II - the entire process in individual steps:

1. Integration of fund & look-through target fund data

  • import of portfolio data from various systems with interfaces to administrators, e.g., BBH, BNP Paribas, BNY Mellon, EFA, RBC, State Street.
  • automated integration of target funds through our acarda look through platform with a non- disclosure agreement and approval process.

2. Data transformation into a standard format

  • Rule-based transformation of data from different sources into a standard format.
  • Resolution of target funds (consolidation with look through).

3. CIC-mapping & risk classification

  • rule-based CIC classification of ISIN instruments or non-ISIN structured products.
  • risk classification for SCR calculations.

4. Data enhancement & validation

  • Data enhancement to fill gaps: e.g. NACE, ultimate parent issuer.
  • automated data validation: e.g. maturity date for bonds.

5. Optional calculation of the SCR market values

  • calculation of SCR values according to standard approach.

6. Verification, quality check &approval

  • automated process monitoring with coloured flags highlighting errors on the software dashboard
  • and escalation system via e-mail alerts.
  • Collective approval by the asset manager prior to transmission.

7. Report generation

  • Tripartite Template in version 3.0.
  • optional completion of the QRTs (e.g. S.06.02./03) for assets and optionally for liabilities.
More about the acarda Platform
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