Meeting the challenge of documenting the data for Solvency II can be daunting. How can it be done efficiently and effectively whilst adding value?
Solvency II requires firms to populate a Data Directory which documents the source, characteristics and usage of the data. This provides the foundation for a good data governance framework.
Given the time constraints for achieving compliance organisations need a clear approach to meet the challenge. PwC has developed an approach and tool to support insurers in developing and populating a Solvency II compliant Data Directory.