This year will be a busy year for the insurance industry as it makes sure it is fully compliant with Solvency II regulations by January 2016 - and for some insurers it will be a case of deciding whether to withdraw from an entire class of business or a territory. Not a trivial decision.
For banks and other financial institutions, 2015 promises to be another challenging year of implementing financial reforms required by regulators. A number of these challenges were highlighted in a January 7th article on the 2015 Banking Regulatory Outlook published in Bank Systems and Technology.
When it comes to reporting, it seems like the CFO’s job is never done. Increasing information demands from internal stakeholders are causing Finance departments to provide more frequent and detailed financial and operational reports and KPIs to line of business managers.
It's been more than 10 years since Microsoft declared it was bringing BI to the Masses. Yet adoption rates continue to languish at around 30% according to recent research by Gartner. But recently Microsoft jumped in with both feet.
European insurers face many issues that need to be resolved before adoption of Solvency II in January 2016. A significant amount of work is needed between now and 2016 to address preparedness across all three pillars, with action needed especially for Solvency II, Pillar 3 Reporting.
With adoption of cloud-based financials and corporate performance management (CPM) applications gaining speed, it appears that Finance executives have become more comfortable with the notion of trusting their sensitive financial data to cloud-based applications.