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For more information, contact:
Melini Hadjitheori
melinih@marcusveanscy.com

What is the key to any successful Pillar III reporting strategy?

It’s a combination of the right systems, the right processes and the right people. You need the systems to talk to each other in such a way that the data can be extracted in the right format and at sufficient level of granularity, you need an efficient process that minimises the number of manual workarounds and maximises review time, and you need talented individuals who understand the regulation and all of its detail and nuances.

Why is it important to control and aggregate large volumes of high quality granular asset data on investment portfolios?

Simply because there is not enough time to pull together the data in the short space of time we have to report on if you have a manual process, and you need to ensure that assets are classified correctly. It is imperative that the data is submitted in a timely and accurate manner so that the regulator can analyse the data across the market in a meaningful way.

Is automation an effective solution for collecting and managing granular data?

Absolutely. With the frequency of regulatory reporting being quarterly instead of annual for some firms, and possibly more if management want to track Solvency II results on monthly basis, and moreover with timelines to submit Solvency II returns getting ever tighter, automation is the way forward. When you’re dealing with thousands of rows of data, you want to mitigate the risk of human error and reduce the lead time required to get data out of source systems at one end and producing a Solvency II return at the back end.

What would you like to achieve by attending the Pillar III Reporting and Data Quality conference?

I would like to gain some valuable insights into what approach my colleagues across the market are taking. I only report on Lloyd’s business, which means everything is collated centrally at Lloyd’s using a system unique to Lloyd’s, and I would be curious to know what challenges other Lloyd’s business have faced and even more so, what the company market is doing.

Ahead of the Pillar III Reporting and Data Quality conference, we spoke with Miss Alana Clark, Head of Financial Policy and Control at Barbican Insurance Group about the key to a successful Pillar III reporting strategy.

About the conference:

This marcus evans conference will enable insurers to drive improvements in reporting and data frameworks now that Pillar III reporting has gone live enabling progression into business as usual and unlocking commercial value from data. The Pillar III Reporting and Data Quality conference will take place from the 22nd until the 23rd of September 2016 in London, United Kingdom.

About the speaker:

Alana Clark is Head of Financial Policy and Control at Barbican Insurance Group. She is responsible for keeping the finance team up to date with technical accounting and regulatory developments, including Solvency II reporting, as well as implementing key financial policies and controls and co-ordinating audits. Alana has been working on Solvency II reporting for the past five years on Lloyd’s and non-Lloyd’s platforms, and has seen the challenges it presents from the project phase through to live implementation. In her spare time she is a classical soprano and sings in a number of choirs in London and as a soloist.

The key to a successful Pillar III reporting strategy

An interview with Barbican Insurance Group

Alana Clark, Head of Financial Policy
& Control at Barbican Insurance Group