Just how expensive is Solvency II? Well, if the UK’s Financial Services Authority (FSA) is to be believed, the anticipated cost of new technology and external consultants necessary for compliance is likely to exceed US $3 billion. This is a substantial expense for many European insurance firms especially when you consider that 1 in 10 do not currently satisfy the envisaged capital requirements. Whereas the deadline has been pushed back a couple of times, there is no dodging Solvency II compliance for insurers in Europe. Continue reading
Basel III Not the last Regulation of its Kind
Scheduled for implementation between 2013 and 2019, Basel III takes over from its predecessor Basel II. But while the new Basel framework is meant to strengthen the management of international banking risks and thus protect bank’s customers and global financial markets, it is certain that Basel III will not be the last major regulation thrust on the banking industry. Already, banks in some jurisdictions have to deal with additional rules such as IFRS and the Dodd-Frank Act with more likely in the pipeline as the full impact of the 2007-2009 financial crisis comes into proper perspective. Continue reading
As Europe’s largest financial services institutions face a growing number of new or revamped regulations including Basel III, UCITS IV, MIFID II and Solvency II, they are caught in a dilemma. They could create separate data management infrastructure for the different regulations or they could implement a single solution that would require minimal tweaking to deliver the reporting required by each of the new regulations. Purchasing separate systems for each can be prohibitively expensive – a converged solution is the way to go.
Quality Data Means Quality Decisions
Whenever any of us walks into our family doctor’s office for treatment or a routine checkup, one thing we expect is that the historic medical data the doctor possesses on us is complete, accurate and appropriate. If you previously suffered multiple fractures due to a road accident, your family doctor should already know about it. In case you are allergic to aspirin, too that should form part of your medical history. Such background data is crucial in ensuring that whatever drug prescriptions or lifestyle recommendations the doctor eventually delivers lead to better overall well being.