SOLVENCY II, REGULATORY AND RISK REPORTING

Through a collaboration between Authority Software and Function Six – Banks, Insurance companies and other financial services, can now take advantage of turnkey regulatory reporting using OneStream.

OneStream provides unified financial consolidation, reporting, planning and analytics through a single, extensible technology platform.

OneStream and Authority Software’s partnership provides an end-to-end regulatory and risk reporting system that can generate XBRL returns for Solvency II QRTs, EBA CRD V (COREP/FINREP) and other national XBRL financial reporting requirements.

Function Six is an integral partner of OneStream and provides the highest quality of EPM / CPM consultancy services to the market. Function Six have extensive experience in financial technology and transformation projects across a multitude of industries and financial sectors.

Authority Software provides a suite of regulatory reporting software. The Authority Suite aims to maximize efficiency and remove complexity in the reporting process. The Authority Suite can connect directly to data in OneStream to provide streamlined reporting.

Solvency II is a European legislative framework introduced in 2016 to ensure financial stability and risk management across the European insurance sector.

Insurances companies affected by Solvency II are required to submit both quarterly and annual reports to national competent authorities.

Regulatory reporting is a continuous challenge that affects all financial institutions, including commercial and investment banks, insurance companies, financial advisers, and brokerage firms. Financial institution risk and regulatory reporting are evolving to include complex submission formats and consistently-changing regulations.

To successfully comply with these ever-changing regulations, you need to ensure data quality and the right technical capabilities. Most companies have invested in systems that are unable to provide the required submission format. Companies turn to multiple single-purpose tools or are faced with expensive end-to-end solutions to run in parallel with their legacy systems.

Although regulatory compliance is challenging and complex, Authority Software has the software tools to simplify the process and ease the regulatory reporting burden. The Authority Suite integrates easily into existing systems and users are able to report complex regulatory frameworks with minimal training and knowledge of the regulations. The Authority Suite respects the investment in existing systems and reduces the need for companies to acquire regulatory expertise.