Algorithmics, the leading provider of risk solutions, today announced enhancements to its Solvency II Standard Formula reporting capabilities with the launch of a new web-based Standard Formula reporting product: Algo Audit and Compliance. The product is designed to address Pillars 2 and 3 of Solvency II which require insurance firms conducting business in Europe to develop appropriate governance and reporting procedures so that solvency capital requirement calculations are repeatable and auditable, as well as transparent.
Algo Audit and Compliance provides a full audit trail and introduces workflow around the production and execution process. The reporting package includes pre-defined templates for QIS 5 Standard Model and QRT quantitative/qualitative reports with the flexibility to add more as they are developed. Algo Audit and Compliance is integrated with Algo Financial Modeler, Algorithmics’ actuarial financial modeling product which allows clients to develop robust company-specific models for Solvency II compliance.
Curt Burmeister, Vice President of Buy-Side Risk Solutions at Algorithmics, said: “Our clients want a solution to their Solvency II Standard Formula reporting requirements that is easy to integrate into their current working practices and utilizes their existing infrastructure. With Algo Audit and Compliance, clients can continue to use their existing spreadsheets, yet have the confidence that they are using a product designed to provide full audit control, security and of meeting regulatory compliance under Pillars 2 and 3 of Solvency II.”
The product is specifically designed for the needs of insurance companies who have to be Solvency II compliant. The product is based on eFrame, a web-based solution for spreadsheet control in management reporting activities, from SecondFloor. Algorithmics has successfully partnered with SecondFloor on many Solvency II assignments in Europe.
Martin Knook, CEO, SecondFloor Group, added: “We have designed eFrame for the Solvency II Standard Formula reporting and interoperability requirements of insurers based on our experience of working with several major European institutions. There is a demand for spreadsheet control and critical reporting from smaller and medium sized insurers which are taking the Standard Formula approach. We are also getting interest from larger firms who have adopted the Internal Models approach. SecondFloor is delighted to continue to work with Algorithmics and to market Algo Audit and Compliance as part of a complete Solvency II Standard Formula Solution.”