Our clients want a solution to their Solvency II Standard Formula reporting requirements that is easy to integrate into their current working practices.With Algo Audit and Compliance, clients can continue to use their existing infrastructure.
London and Toronto (PRWEB UK) 8 September 2011
Algorithmics, the leading provider of risk solutions, today announced enhancements to its Solvency II Standard Formula reporting capabilities with the launch of a new web-based Standard Formula reporting product: Algo Audit and Compliance. The product is designed to address Pillars 2 and 3 of Solvency II which require insurance firms conducting business in Europe to develop appropriate governance and reporting procedures so that solvency capital requirement calculations are repeatable and auditable, as well as transparent.
Algo Audit and Compliance provides a full audit trail and introduces workflow around the production and execution process. The reporting package includes pre-defined templates for QIS 5 Standard Model and QRT quantitative/qualitative reports with the flexibility to add more as they are developed. Algo Audit and Compliance is integrated with Algo Financial Modeler, Algorithmics’ actuarial financial modeling product which allows clients to develop robust company-specific models for Solvency II compliance.
Curt Burmeister, Vice President of Buy-Side Risk Solutions at Algorithmics, said: “Our clients want a solution to their Solvency II Standard Formula reporting requirements that is easy to integrate into their current working practices and utilizes their existing infrastructure. With Algo Audit and Compliance, clients can continue to use their existing spreadsheets, yet have the confidence that they are using a product designed to provide full audit control, security and of meeting regulatory compliance under Pillars 2 and 3 of Solvency II.”
The product is specifically designed for the needs of insurance companies who have to be Solvency II compliant. The product is based on eFrame, a web-based solution for spreadsheet control in management reporting activities, from SecondFloor. Algorithmics has successfully partnered with SecondFloor on many Solvency II assignments in Europe.
Martin Knook, CEO, SecondFloor Group, added: “We have designed eFrame for the Solvency II Standard Formula reporting and interoperability requirements of insurers based on our experience of working with several major European institutions. There is a demand for spreadsheet control and critical reporting from smaller and medium sized insurers which are taking the Standard Formula approach. We are also getting interest from larger firms who have adopted the Internal Models approach. SecondFloor is delighted to continue to work with Algorithmics and to market Algo Audit and Compliance as part of a complete Solvency II Standard Formula Solution.”
For more information about Algorithmics’ solutions for the insurance industry, visit: http://www.algorithmics.com/EN/solutions/myindustry/insurance.cfm
For more information about Algorithmics' award winning and patented solutions, visit: http://www.algorithmics.com
For further information please contact:
Heather Smith, Senior Communications Manager, Algorithmics (UK) Ltd
Direct line +44 (0) 20 7392 5820 Mobile +44 (0) 7515 974223
Martin Knook, CEO, SecondFloor Group
Direct line: +31 20 6589 700 Mobile: +31 (0)6 5475 6938
Notes to Editors:
Algorithmics is the world's leading provider of risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. On September 1, IBM Corporation announced that it signed a definitive agreement to acquire Algorithmics. The transaction, which is subject to regulatory approval and customary closing conditions, is expected to close later this year.
SecondFloor provides innovative compliancy risk management software with a focus on the insurance sector. With our products eFrame and IISolve we have very powerful, innovative solutions for the current challenges of the insurance sector. Our extensive experience with insurance risk management and Solvency II, combined with strong partnerships with market leaders get us in the pole position for innovative development and implementation projects. Working with fixed price - fixed date agreements, we offer our clients the unique opportunity to start ambitious and innovative IT projects while knowing the end date and the costs involved beforehand.
Please visit http://www.secondfloor.eu for more information.
Economic Capital and Solvency II solution is specifically designed to meet the needs of the insurers irrespective of their size, complexity, and level of sophistication. The solution comes in three editions which are complete end-to-end solutions that cover the three pillars of Solvency II by addressing the calculation of solvency capital, governance and reporting:
- Compliance and Reporting Edition
- Standard Edition
- Enterprise Edition
Economic Capital and Solvency II solution delivers a ‘best practice’ solution for Solvency II, built from working with leading insurers and provides pre-configured editions which help to lower project risk and give insurers more confidence to meet their Solvency II deadlines. Looking beyond the deadlines, as insurers’ needs change, the migration path between the editions offers insurers the opportunity to scale up to more powerful and complex analytics on Algorithmics’ award winning and proven platform.
Algo Audit and Compliance, part of Algorithmics’ complete, end-to-end Solvency II solution, offers insurance firms a cost-effective and comprehensive workflow, governance and Standard Formula reporting tool. By adding a robust business process, it gives insurers greater control and confidence about their ability to meet the requirements of Solvency II. Algo Audit and Compliance provides a secure and fully auditable system designed for repeatability and regulatory compliance with Pillars 2 and 3, with the capacity to evolve to meet changing regulatory requirements. Enhancing ease of use with its range of pre-configured reporting templates, this web-based tool also offers insurers the cost-effective capability to integrate information from their existing spreadsheets and data infrastructures. By efficiently streamlining workflow around the production and execution process, Algo Audit and Compliance reduces reporting time and allows insurance firms to focus on risk analysis and their primary business activities.
Algo Financial Modeler, formerly VIPitech, is a market-leading software used for actuarial and financial analysis by insurance firms. The building and interaction of a large and complex company is made simple in the development environment of the system. Designed for actuaries, asset and liability models contained in Algo Financial Modeler are easy to use, understand and review. Due to its modular concept and optimized production environment, the actuarial code is streamlined and reused efficiently to perform all the functions in the actuarial control cycle and for balance sheet calculation of capital and liabilities for regulatory regimes such as Solvency II.
Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings’ global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.
The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.
The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.
For additional information, please visit http://www.fitchratings.com http://www.algorithmics.com and http://www.fimalac.com
© 2011 SecondFloor Holding BV.
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