Abstract
Spreadsheets, Access databases and other user-developed applications (UDAs) are front and center to Solvency II model development, providing flexibility and ample opportunities to optimize capital requirements. Absent the proper governance framework, these UDAs can be subject to a variety of unacceptable risks, including calculation errors due to faulty programming logic, non-compliance with the intent of the directive, and even fraudulent activity. This white paper examines the newly published governance mandates for Solvency II models, and offers a proven technology solution and best practices to help insurers and reinsurers in the European Union improve compliance while mitigating risk and driving significant process improvement.
Target Audience
CFOs, controllers, CIOs, COOs, CEOs, Chief Actuaries, VP IT Security & Risk, Certified Fraud Examiners, auditors, risk and compliance executives, spreadsheet developers, Solvency II project teams.
Eric Perry
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