November 15, 2012 - With the January 1, 2014 deadline looming for enforcement of Solvency II regulations, insurers are assessing the readiness of their internal risk management systems and processes for compliance.  Some key challenges in setting up the Solvency II regulatory framework come from identifying the processes, collecting the data across multiple complex IT systems, and finally merging them in a logical and consistent way in order to produce accurate reports based on the EIOPA requirements.

OTCFin is closely following the latest developments of the Solvency II regulations and has built the PATOne Solvency II engine to assist insurers in meeting the requirements.  The foundation of a solid Solvency II framework revolves around complete and quality data.  To this end, the PATOne Solvency II engine benefits from our industry-tested data warehouse to capture and store all required data from different providers in a single unified platform.  The Quantitative Reporting Templates (QRT) have been implemented as online forms, intuitively guiding the end-users to fill in the data relevant to their organization, while at the same time the market capital requirements and other necessary aggregations have been embedded in the back-end. All confirmed data can then automatically be converted into the XBRL format for distribution to EIOPA, as well as presented as user-friendly dashboards and executive reports to help managers monitor their company’s solvency.

PATOne Solvency II engine enables asset managers to process security-level data for increased accuracy in the risk calculations.  It is also designed with flexibility in mind to quickly react to the modifications that can be introduced in the finalization of the regulations. “Data aggregation is a complex and time-consuming task which is one part of the equation, while introducing the business processes to ensure the quality of the data and it’s compliance with the regulations is another.  Leveraging from both our technical and business expertise in the industry, we believe the PATOne Solvency II engine is an in-depth, out-of-the-box solution that can greatly benefit all organizations looking to be compliant with Solvency II,” says Joseph Ohayon, Managing Director of OTCFin.

OTCFin is a financial technology company which provides integrated solutions to investment managers to help them manage their portfolios more effectively. Over the past 15 years, the firm has worked closely with its clients to identify and develop appropriate risk methodologies and implement them on a comprehensive platform so end-users can make informed risk management decisions. OTCFin meets front and middle office business requirements with tailored solutions through our PATOne Suite and/or through custom development. The company has offices in New York, Barcelona, London, Paris and New Delhi.