Paris, France, April 09, 2013 --(PR.com
)-- Having launched its Pillar 3 project back in 2012, CNP Assurances has a significant lead on many of its industry-peers. Following comprehensive testing during a rigorous Proof of Concept, CNP Assurances has chosen the Invoke regulatory reporting solution to meet the extensive Pillar 3 obligations of Solvency II. The implementation of the Invoke reporting solution is jointly managed by Invoke and Deloitte.
Risk management, finance and internal control, actuarial science, Group investment... the Pillar 3 project is a silo-breaking, cross functional effort that covers both solo and group QRT production, as well as narrative RSR and SFCR reports and specific national reports for the French regulatory authority. The CNP Assurances project is steered at a Group level and the geographical scope encompasses France, Italy, Cyprus, Spain and Ireland for solo reporting, in addition to group reporting that includes consolidated data from branches situated outside of Europe, such as Brazil and Argentina.
Deloitte Conseil is accompanying CNP Assurances in implementing the Pillar 3 project, bringing domain expertise in the following areas: definition of the functional architecture for the reporting solution, specifying the data requirement with regard to source information systems, in addition to quality-control checks designed to guarantee the robust data lineage and stringent procedural requirements of Pillar 3, all of which are respected by the Invoke solution.
CNP Assurances selected the Invoke strategic solution based on its capacity to automate the reporting and regulatory disclosure management process. Composed of the regulatory reporting platform, FAS Regulatory S2 and the web-portal module, e-Regulatory S2 that serves to steer the reporting process, this end-to-end solution allows CNP Assurances to industrialize the compliance effort needed to meet the many demands of Pillar 3.
Invoke regulatory reporting applications are some of a very small number of solutions available on the market that integrate native management of the XBRL standard, the data format which has been selected by EIOPA as the standardized format for Pillar 3 reporting. However, Invoke offers much more than just cutting-edge technology and the Solvency II domain expertise of the in-house team is a very substantial asset weighing in favor of the solution provider.
This double-sided value proposition allows Invoke clients such as CNP Assurances to have access to a standard packaged solution that covers both European and national reporting, with the added benefit of comprehensive regulatory maintenance provided by Invoke each time national or European-level regulators make changes to reporting requirements. Invoke has broad-based industry recognition, particularly in the banking sector, where multi-national client organizations such as Crédit Agricole and Danske Bank commend Invoke for being "on the ball." offering them exceptionally low turnaround times.
"The Proof of Concept phase allowed us to fully test the Invoke solution and establish that it was fit-for-purpose, meeting all of the Group’s functional requirements. But in addition to our own evaluation of the software, the fact that Invoke is a trusted technology partner for some of Europe’s largest regulatory bodies, such as the ACP in France and the Deutsche Bundesbank in Germany, reassured us immensely and heavily influenced our final decision," adds Olivier Boyer, Project Director at CNP Assurances.
"Having initiated three large-scale Pillar 3 reporting project with major European life assurers in France and Denmark, we know through first-hand experience just how important it is for our clients to have access to an intrinsically flexible system, both in terms of data integration and for internal reporting purposes," says Maté Juloski, Head of Professional Services at Invoke.
In a context where the multiple upstream information systems are in a state of flux, it is absolutely critical to be able to integrate data from transitional sources in a flexible and agile manner, seamlessly managing a large variety of data formats (flat-files, Excel® spreadsheets, ...).
"Agility is our primary consideration in managing this Pillar 3 project and it is undoubtedly one of the main success factors, as we need to integrate how the various milestones imposed by the French national supervisory authority, the ACP, impact our implementation timeline while keeping the overall project management on-track," adds Maté Juloski.
Founded in 2001, lnvoke develops specialized software for managing financial, tax and regulatory information.Well-established as a key player in the international regulatory reporting sphere, Invoke sets itself apart by driving the company’s technological lead through continuous innovation. The resulting software is unique and showcases the latest reading, editing, production and validation technologies for application to financial data in XBRL format.
Invoke delivers cutting-edge solutions and is the partner of choice for international supervisory bodies (ACP, Deutsche Bundesbank, ...), for groups in the banking sector falling under the scope of both local and European regulatory imperatives (Crédit Agricole, BPCE, Dexia, Danske Bank, ...), and for insurance companies concerned with Pillar 3 reporting within the framework of the Solvency 2 Directive.
For more information: www.invoke.fr