Investment management consultant company Citisoft has launched a facility for asset managers who are working out how to meet the Pillar III data delivery expectations of Solvency II.
Due to come into effect on 1 January 2016, Solvency II aims to implement solvency requirements that reflect the true risks that insurance companies face and deliver a consistent supervisory system. According to Citisoft this seemingly distant date has lulled some asset managers with insurance mandates into a false sense of security. The company said that data sets need to be available from early 2015, whilst normal implementation processes such as SLAs and testing must be completed during 2015.
"Time is now of the utmost essence for asset managers that have not decided how to tackle Solvency II. At the very least they should take advantage of the pool of knowledge available to clarify strategy, project needs, timeframes and implementation," said Cosmo Wisniewski, Director, Citisoft.
Citisoft said that its facility enables asset management firms to understand the end-to-end regulatory requirements and the associated data impacts, and that the service considers how and where the costs for asset managers can be minimised when looking at their relationships with insurance firms.