The control and use of data is essential for Solvency II compliance, not just the data feeds for the internal model but other areas such as risk management and external reporting.
Data governance enables companies to exercise control over the processes and methods used to manage data including its collection, storage, processing and delivery.
A typical data governance implementation approach involves the steps summarised in the diagram below:
The benefits of implementing a data governance solution include:
consistency of information
improved data security
reduced risk of regulatory fines
confidence in decision making.
Moore Stephens has practical experience of implementing data governance policies, standards, guidelines, and procedures with a variety of companies across the insurance industry.