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Abstract
Abstract. As insurance organizations prepare for implementing Solvency II directives, they need to put a stronger focus on data quality and information controls. Most insurance organizations recognize the importance of data quality and have some form of a data quality program in place. However, the primary focus of the current initiatives is on data at rest (e.g. name and addresses in customer relationship management system). While the importance of data at rest is paramount, insurers must address the quality issues when data is in motion (e.g. data is exchanged between systems, people and organizations) to support Solvency II directives. This article outlines an information control and monitoring framework to ensure Solvency II compliance with respect to data quality requirements for both data at rest and data in motion.
Notes
1. Financial Services Authority (FSA) on Solvency II. Retrieved December 1, 2010 from http://www.fsa.gov.uk/pages/About/What/International/solve ncy/index.shtml
2. SOLVENCY II: Frequently Asked Questions (FAQs), European Commission. Retrieved December 1, 2010 from http://ec.europa.eu/internal_ market/insurance/docs/solvency/solvency2/faq_en.pdf
3. Ibid.
4. Directive of the European Parliament and of the Council on the taking up and pursuit of the business of insurance and reinsurance (SOLVENCY II), November 2009. Retrieved December 1, 2010 from http://register.consilium.europa.eu/pdf/en/09/st03/st03 643- re06.en09.pdf
5. CEIOPS’ Advice for Level 2 Implementing Measures on Solvency II: Technical Provisions—Article 86 f: Standards for Data Quality, CEIOPS, October 2009.
6. Consultation Paper No. 37, CEIOPS, March 2009.
7. A New Level of Enterprise Risk Management Analysis: Methodology For Assessing Insurers’ Economic Capital Models, Standard and Poor, May 2010.
8. Standard & Poor's To Apply Enterprise Risk Analysis To Corporate Ratings, Standard and Poor, May 2008.
9. Assessing Enterprise Risk Management Practices of Financial Institutions, Standard and Poor, September 2006.