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

A-Team Insight Blogs

Silverfinch Sets Up Wiki to Support Information Sharing on Solvency II Data Model

Silverfinch, a fund data utility designed to support asset managers and insurance firms in meeting the look-through requirements of Solvency II, has set up a Wiki page dedicated to helping industry participants resolve issues around the regulation before it takes effect in January 2016.

The company has loaded the Solvency II tripartite data exchange template, which was devised by the UK’s Investment Association, France’s Club Ampere and Germany’s BVI, onto the Wiki. The template is designed to help standardise the exchange of asset data between investment managers and insurers as required by the look-through element of Solvency II. Industry participants seeking more information or clarity on particular data points of the template can tag the data points and, hopefully, gather information from industry peers.

Silverfinch has also loaded its own proprietary data model, Runway to Regulation, onto the Wiki. Runway to Regulation expands the Solvency II tripartite data exchange template with additional data points and allows asset managers to take a consolidated data approach to additional regulations requiring portfolio reporting.

The Wiki was introduced less than a week ago and can be accessed at https://wiki.silverfinch.com. Users can sign on using their LinkedIn credentials or by requesting a logon from wiki@silverfinch.com. The Wiki is free to use and is moderated by Silverfinch. Participants are expected to come from across the industry and are asked to identify themselves. To date, tens of financial institutions have engaged on the Wiki and it is hoped that it will encourage peer-to-peer understanding of Solvency II and help to remove misunderstanding around the regulation.

John Dowdall, managing director of Silverfinch, explains: “We have been inundated with questions about the tripartite data exchange template as there are different interpretations of data points and some areas of ambiguity. We collected the questions internally and thought about creating an FAQ, but decided that this needs something more dynamic and the involvement of as many practitioners as possible, so we set up the Wiki.”

As a member of the MoneyMate Group, which recently rebranded its Fund ProductMaster managed data service to Accudelta, Silverfinch will use its Runway to Regulation data model for reporting using standard regulatory data formats, and bring in Accudelta when data must be aggregated or manipulated before being input to the data model or after it is output from the model and used for reporting.

Related content

WEBINAR

Upcoming Webinar: Improving data integrity to address regulatory requirements

Date: 6 May 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Financial institutions today face a global regulatory landscape characterised by rigorous and varied reporting requirements across their businesses. Reporting challenges include completing more data fields across more lines of business with greater frequency, adding complexity and cost. At the...

BLOG

Qomply and Bovill Team Up on Regulatory Audits

Qomply, a RegTech firm specializing in transactions reporting for MiFIR, SFTR and EMIR, has joined forces with global financial services regulatory consultancy Bovill to develop an end-to-end transaction reporting service for financial institutions. Powered by Qomply’s technology, Bovill will streamline its HealthCheck services to provide clients with immediate feedback on the accuracy and completeness of...

EVENT

Data Management Summit Virtual

The Data Management Summit Virtual will bring together the global data management community to share lessons learned, best practice guidance and latest innovations to emerge from the recent crisis. Join us online to hear from leading data practitioners and innovators from the UK, US and Europe who will share insights into how they are pushing the boundaries with data to deliver value with flexible but resilient data driven strategies.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...