Italian asset manager Cattolica Assicurazioni is implementing GoldenSource’s Market Data Solution as part of a Solvency II project that aims to meet the regulation’s January 1st 2016 compliance deadline.
The asset manager selected the GoldenSource solution ahead of other contenders for the project on the basis of is completeness, ease of use by non-technical staff, rapid implementation capability and visualisation tools. The firm is deploying the software on-premise and will use it to support pricing and reporting for the look-through element of Solvency II.
Using GoldenSource Market Data Solution, Cattolica will be able to capture market data from multiple sources, validate and cleanse the data, and construct and disseminate audited pricing data. Visualisation tools support data management and price exception resolution.
Dev Bhudia, vice president of product management at GoldenSource, explains: “Market Data Solution supports pricing transparency and defensible pricing, it also allows business users to change and manage data validation rules, and to visualise pricing data. It is quick to implement and projects usually go live in about three months. Cattolica is working on implementation and is aiming to beat the January 1st 2016 Solvency II compliance deadline.”
Cattolica expects the implementation of the GoldenSource solution to reduce operational risk and data management costs through the automation of a transparent architecture for instrument pricing. Improved pricing controls are expected to enhance the firm’s business operations and satisfy investor and regulatory obligations.