The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

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.”

Related content

WEBINAR

Upcoming Webinar: Managing LIBOR transition

Date: 20 April 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The clock is ticking on the decommissioning of LIBOR towards the end of this year, leaving financial institutions with little time to identify where LIBOR is embedded in their processes, assess alternative benchmarks and reference rates, and ensure a...

BLOG

The Global Outlook for Regulatory Compliance – Where Are We Headed?

Are you ready for our upcoming RegTech Summit Virtual 2020? We’re so excited to bring you yet another action-packed online event, running over five days with a brand new livestream to make our content even more immediate. The first day kicks off with a deep-dive look at the global perspective for regulatory compliance and RegTech...

EVENT

Data Management Summit New York City

Now in its 10th year, the Data Management Summit (DMS) in NYC explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...