Financial Risk Solutions (FRS) has announced that Silverfinch data is now integrated into its InvestGRC product.
With asset manager approval, InvestGRC can now directly access data from Silverfinch in order to generate the more granular and frequent reports required by Solvency II for authorised insurers.
InvestGRC software allows life insurers to meet their asset-reporting obligations under Solvency II regulations and provides all the functionality needed to conduct risk and solvency assessments on investment-related business.
Silverfinch, part of the MoneyMate Group, is a global standard utility for allowing investment managers to share sensitive portfolio data with specific clients, using an industry-approved data standard.
This new functionality on InvestGRC means that users can now seamlessly produce quantitative reporting template (QRT) reports in their required regulatory format, based on Silverfinch's look-through data.
"The Solvency II directive dictates that insurance companies must provide in-depth insight into the risk and return profile of their investments," said John Dowdall, managing director at Silverfinch. "Silverfinch provides all the look-through data required for life insurers to report on their fund and fund-of-funds holdings."
Frank Carr, chief marketing officer at FRS added: "The production of QRT reports is one of the many regulatory challenges that life insurers face -- not least because of the vast quantities of data required, often from multiple sources, but also the frequency of reporting. Having one system that automates the entire process and seamlessly integrates with Silverfinch data is a real benefit."