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BNY Mellon Launches Solvency II Asset Data Reporting & Governance Solution

BNY Mellon, the global leader in investment management and investment services, has launched a new data management solution to meet the European insurance industry’s Solvency II asset data reporting requirements.

The new service, built around Eagle PACE(TM), Eagle Investment System’s data management platform, provides Pillar 3 Quantitative Reporting Templates (QRT) reporting. It also supports insurance companies as they negotiate the data governance and data quality hurdles imposed by the new regulations.

The service meets key client needs around Solvency II asset data requirements in respect of:

· Gathering and validating the data from the insurer and the insurer’s partners using industry standard templates
· Data enhancement via BNY Mellon’s own vendor feeds and the insurer’s own management information
· Data consolidation and reporting as specified in the regulations.

Frank Froud, Head of Europe, Middle East & Africa (EMEA) for Asset Servicing at BNY Mellon, said: “To date, the focus for insurance companies has rightly been the calculation of the Solvency Capital Requirement and how this may affect future business. Attention is now turning from Pillars 1 and 2 to Pillar 3, and in particular the contents of the QRTs. The QRT data requirements are extensive, spanning enterprise, portfolio and reference data typically housed on a multitude of systems within both the insurers and their suppliers’ organisations. Not only must this data be gathered and consolidated, it also has to be enriched if it is to comply with the strict data quality requirements stipulated by Solvency II.”

John Legrand, Managing Director, Europe, Middle East & Asia-Pacific at Eagle Investment Solutions, said: “Our solution provides insurance companies with a centralised approach to data quality management that goes above and beyond the requirements set out in the Directive. Eagle’s proprietary data-centric technology means we can automate the process and provide clients with complete, accurate, and transparent data to support greater operational effectiveness and stronger risk-based decision making in the context of Pillars 1 & 2.”

Paul Traynor, Head of Insurance, EMEA at BNY Mellon, said: “Market Risk comprises two-thirds of a life insurer’s Solvency Capital Requirement. So the creation of a strong data governance model around asset data collection is of paramount importance. When you take into account other complicating factors, such as investments in alternatives and repos as well as securities lending activity, then it is clear there is a definite need for a robust, data-centric solution to meet Solvency II’s asset data collection requirements.”

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