October 17, 2011

BNY Mellon Launches Solvency II Asset Data Reporting & Governance Solution


New offering allows clients to satisfy regulatory needs and industry best practice

LONDON, October 17, 2011 — BNY Mellon, the global leader in investment management and investment services, has launched a new data management solution to meet the European insurance industry's Solvency II asset data reporting requirements.

The new service, built around Eagle PACE™, Eagle Investment System's data management platform, provides Pillar 3 Quantitative Reporting Templates (QRT) reporting. It also supports insurance companies as they negotiate the data governance and data quality hurdles imposed by the new regulations.

The service meets key client needs around Solvency II asset data requirements in respect of:

  • Gathering and validating the data from the insurer and the insurer's partners using industry standard templates
  • Data enhancement via BNY Mellon's own vendor feeds and the insurer's own management information
  • Data consolidation and reporting as specified in the regulations.

Frank Froud, Head of Europe, Middle East & Africa (EMEA) for Asset Servicing at BNY Mellon, said: "To date, the focus for insurance companies has rightly been the calculation of the Solvency Capital Requirement and how this may affect future business. Attention is now turning from Pillars 1 and 2 to Pillar 3, and in particular the contents of the QRTs. The QRT data requirements are extensive, spanning enterprise, portfolio and reference data typically housed on a multitude of systems within both the insurers and their suppliers' organisations. Not only must this data be gathered and consolidated, it also has to be enriched if it is to comply with the strict data quality requirements stipulated by Solvency II."

John Legrand, Managing Director, Europe, Middle East & Asia-Pacific at Eagle Investment Solutions, said: "Our solution provides insurance companies with a centralised approach to data quality management that goes above and beyond the requirements  set out in the Directive. Eagle's proprietary data-centric technology means we can automate the process and provide clients with complete, accurate, and transparent data to support greater operational effectiveness and stronger risk-based decision making in the context of Pillars 1 & 2."

Paul Traynor, Head of Insurance, EMEA at BNY Mellon, said: "Market Risk comprises two-thirds of a life insurer's Solvency Capital Requirement. So the creation of a strong data governance model around asset data collection is of paramount importance. When you take into account other complicating factors, such as investments in alternatives and repos as well as securities lending activity, then it is clear there is a definite need for a robust, data-centric solution to meet Solvency II's asset data collection requirements."

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.  BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team.  It has $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available at www.bnymellon.com and through Twitter @bnymellon.

This press release is issued by The Bank of New York Mellon to members of the financial press and media.All information and figures source BNY Mellon International unless otherwise stated as at June 30, 2011. The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818. Branch office: One Canada Square, London E14 5AL. Authorised and regulated in the UK by the Financial Services Authority.