Solvency II Software | ProcessGene

Solution & Benefits

ProcessGene™ Solvency II Software – Introduction

The ProcessGene™ GRC software suite provides a complete solution for Solvency II compliance. The Solvency II software is implemented within days, immediately creating compliance visibility and centralized control.

The Solvency II software establishes an automated workflow that reduces the time and cost of compliance enforcement and eliminates manual labor, maintenance of multiple excel spreadsheets, etc. ProcessGene™’s Solvency II software is designed for multi-subsidiary organizations, based on our Multi-Org technology.

ProcessGene is acknowledged worldwide as a leading provider of Business Process Management (BPM) software solutions (see Gartner’s report on ProcessGene).

Solvency II Compliance in a Changing Business Environment

In today’s highly regulated environment, enterprises are increasingly strained by regulatory compliance concerns, while at the same time having to promote the ongoing conduct of business. Executive officers are specifically required to demonstrate capabilities for effective regulatory compliance, and to ensure corporate transparency and visibility into the business.

ProcessGene™ GRC software provides a complete solution for Solvency II compliance. The Solvency II software is implemented within days, and uses automation to reduce the time and cost of compliance enforcement.

Compliance Challenge

The Solvency II regulation was introduced 2009 by the the European Parliament and the Council of the European Union, and has been continually maintained and updated to reflect the dynamic changes in business environment. The Solvency II regulation is aimed at regulating the amount of capital that EU insurance companies must hold to reduce the risk of insolvency. Solvency II applies to insurance companies operating in the European Union.

The proposed Solvency II framework has three main sections (pillars):

Pillar 1 – consists of quantitative requirements (e.g., regarding the amount of capital an insurer should hold)
Pillar 2 – consists of qualitative requirements (governance, risk management, and supervision)
Pillar 3 – requirements for information disclosure and supervisory reporting

Pillar 2’s Own Risk and Solvency Assessment (ORSA) is the main engine for implementing Solvency II principles, requiring insurance companies to identify, assess, mitigate, control and monitor their risks on an ongoing basis.

Ensuring compliance with the Solvency II regulation is an important organizational task, which requires ongoing management of compliance data. The compliance process is continuous and needs to be repeated periodically and closely monitored. Managing officers are personally responsible to maintain the Solvency II compliance, and this responsibility requires significant management attention and allocation of time and effort. Beyond self assessments or assessments of compensated third parties (such as accounting auditors or regulation consultants), the organization may also confront other external audits that show little if any tolerance to deficiencies. The ProcessGene credo in this matter is that objective compliance data, maintained by the organization itself, has much higher value than opinions of compensated third parties. We also believe that only an ongoing, continuous process can ensure actual compliance and audit clearance.

Compliance Challenge for Multi-Subsidiary Organizations

Multi-subsidiary organizations are confronting even more complex compliance challenges, due to differences between the business processes and operational characteristics of subsidiaries. Hence, the management and communication of Solvency II compliance in a multi-subsidiary environment becomes an extremely complex task when managed manually or by tools that are not specifically designed for Multi-Org operations.

Solvency II Compliance with the ProcessGene™ GRC Software Suite: Solution & Benefits

ProcessGene™ GRC software provides a complete solution for Solvency II compliance. Our Multi-Org software solution automates the Solvency II compliance lifecycle and offers the following benefits:

Very fast implementation, the Solvency II software is up and running within days
The Solvency II software is based on Multi-Org technology, designed for Solvency II compliance in multi-subsidiary organizations
The Solvency II software features full automation of the Solvency II compliance process using the ProcessGene™ BPM workflow engine, making it the most powerful system in the industry – yet the most intuitive and user friendly
The Solvency II software features central cockpit with dashboards for data analysis and diagnostics- showing quantitative Solvency II compliance fulfillment levels
The Solvency II software features easy and fast access to objective evidence used for external audits
The Solvency II software features direct connectivity to ERP systems (e.g. SAP / Oracle) and ability to extract and process data in real time, and run automated tests
The Solvency II software covers not only Solvency II compliance but also hundreds of other regulations and frameworks – all within the same framework
The most seasoned and comprehensive SaaS (Software as a Service) solution in the GRC domain (see Gartner’s report on ProcessGene)
The Solvency II software improves the quality of Solvency II internal audits and self-assessments

ProcessGene™ “Multi-Org” Technology

ProcessGene™ has been a pioneer and global leader in Multi-Org technology. During the past decade we have mastered a unique expertise in providing software solutions to multi-subsidiary organizations worldwide (see Gartner’s report on ProcessGene). Our Solvency II compliance software has been specifically designed for multi-subsidiary organizations and it features the most comprehensive solution for complex, distributed compliance challenges. Read more about ProcessGene Multi-Org technology.