Hawthorn Life Using Financial Risk Product for Solvency II Reporting


Dublin-based investment funds company has implemented FRS product for Solvency II reporting

Investment and retirements product manager Hawthorn Life is now using Financial Risk Solutions' (FRS) governance, risk and compliance product for its Solvency II asset reporting needs, ahead of the January 1, 2016 Quantitative Reporting Templates (QRT) reporting deadline, FRS has announced.

The product, Invest|GRC, automates the production of Pillar 3 D1 (investments data) and D4 (investment funds) reports, says FRS. Pillar 3 of the Solvency II directive states that insurance companies must provide insight into the risk and return profile of investments, with more granular and frequent reporting requirements.

The product enriches data from various sources, which for Hawthorn Life includes Morningstar look-through data and a fund pricing outsourcer for daily holdings data, says FRS. The combined data can then be used for monitoring and reporting in the prescribed QRT format.

Dublin-based Brian Aherne, head of investment operations at Hawthorn Life, says: "We are now 15 months ahead of our regulatory deadline and can concentrate on our main business of serving our clients."

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