Solvency II Compliance

Solution & Benefits Lifecycle Related Regulations

Solvency II Compliance Lifecycle

The Solvency II compliance lifecycle includes the following steps, all automatically enacted by the ProcessGene™ GRC Software Suite:

Lifecycle step Solvency II activity
Solvency II compliance context establishment
  1. Definition of Solvency II compliance related business processes
  2. Delineation of process diagrams (optional)
  3. Definition of assets within the Solvency II scope
  4. Standardization and documentation of Solvency II regulations, policies and procedures
Risk identification
  1. Risk description, identification of risk stakeholders
  2. Risk classification and determination of heat-maps
  3. Risk assessment and measurement
  4. Determination of Key Risk Indicators (KRIs)
  5. Risk tolerance determination
Control determination
  1. Definition of controls to mitigate identified Solvency II risks
  2. Assignment of Solvency II control owners
  3. Scheduling and monitoring Solvency II control execution
  4. Assessment of residual risk levels
Solvency II audit and remediation
  1. Definition and scheduling of Solvency II audit plans
  2. Definition of mechanisms for testing ongoing Solvency II compliance
  3. Collection, analysis and storage of Solvency II audit results
  4. Remediation plan definition, execution and follow-up
Solvency II related incident management
  1. Incident recording
  2. Solvency II related incident handling (using scheduled workflows)
  3. Solvency II related incident analysis and reporting
  4. Incident monitoring and follow-up
Solvency II certification
  1. Hierarchal Solvency II certification process determination
  2. Establishment of an automated Solvency II certification process
  3. Monitoring and reporting Solvency II certification status
  4. Archiving Solvency II certification history
Multi-Org management
  1. Determination of a global Solvency II compliance baseline with mandatory components
  2. Establishing a workflow for examining local (subsidiary) variants
  3. Enforcement of enterprise guidelines, regulations and frameworks within subsidiaries
  4. Control Solvency II compliance level both locally (per subsidiary) and globally from a central HQ cockpit

The ProcessGene™ Solvency II Software Users

The ProcessGene™ Solvency II compliance software provides value to the following users:
  1. C-level management (CEO, CFO, CIO, CRO, COO)
  2. Board of directors
  3. Compliance officers
  4. Internal auditors
  5. Solvency II compliance managers



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