Solvency II

Enterprise Architecture Management
Business Improvement
Process Driven ERP
Process Automation & Integration
Enterprise Performance Management
Governance, Risk & Compliance
Custom Solutions
SOLVENCY II COMPLIANCE OFFERING

Compliance to the Solvency II Directive seen as an opportunity to create addid-value for your Business

Benefits of our Solvency II Compliance solution
Flexibility and Efficiency
By implementing a central platform to support an internal control system (ERM COSO II) where business processes form the common basis for all controls needed to comply with various different laws and regulations, as opposed to the ad-hoc introduction of controls and compliance processes, complexity is reduced while responsiveness to market requirements is enhanced.
Common Language
Comprehensive process documentation of a process-based approach to implementing an internal control system provides a common language across the business: business view, IT view, process view, organization view etc.
Interoperability
The proposed software solution provides the best possible support for all workflows associated with an internal control system by covering processes for documenting, updating and communicating company rules, procedural instructions and controls, risk analysis and evaluation processes, documentation of testing activity, internal management assessment and testing processes, plus support for problem tracking and root-cause analysis.

One of the greatest challenges for all European Union (EU) insurance companies is compliance to the requirements of the Solvency II directive. This EIOPA directive introduces a comprehensive risk management framework for defining the required capital levels as well as implementing procedures to identify, measure and manage risk levels efficiently. For this to be achieved, senior management and the Board have to really understand how the data in their reports relate to their business processes.

SPIRIT has partnered with Business Process Excellence Consulting Software AG, SecondFloor and Juris to offer an integrated solution that meets the requirements of all three pillars of the Solvency II directive. Our solution involves the perfect mix of specialized software, industry expertise and consulting skills that makes the insurers’ response to Solvency II not a mere compliance exercise but an opportunity to generate further value for their company.

 

Our joint partner offering includes SII-specific reference content, based on rich actuarial, risk management and Solvency II knowledge, best practices and industry experience, including extended ORSA and ERM processes. The ARIS GRC Solution supports all key process-based optimization strategies, from strategic analysis and definition, to designing controls and tests, implementation, controls’ monitoring (via scalable, efficient workflows), company-wide monitoring of process performance, and testing (for the prompt response to deviations and the continuous optimization of the system).

 

Following our analysis of process control requirements and the procedures for testing, auditing and documenting the results, a high degree of overlap between various regulations is revealed. Significant efficiency advancements can therefore be achieved by applying a consistent method, harmonizing test activity and sharing test results. In fact, the Solvency II directive has been translated into clearly specified business requirements within ARIS.

 

Each requirement has been mapped to the relevant processes (of the insurance reference model) where it can be implemented, to the functional roles that it affects and to an insurance industry glossary. Processes have already been configured to give clients a head start in terms of compliant process modeling and reporting. The Solvency II reference model can be used as both a knowledge repository and a tool to indicate requirements or prompt Solvency II projects specifications.

 

Do you feel that your business lacks an integrated Governance, Risk and Compliance strategy? Please refer to our Risk and Compliance offering page for more information on how you can proactively mitigate internal and external risks.

 

Do you feel your business lacks a coherent and integrated GRC strategy in order to proactively mitigate internal and external risk?
Contact our team today to find out how our Risk and Compliance solution can help your business.