The Clock Keeps on Ticking for Regulatory Requirements

Change is the one constant in the financial services market. Every year brings new regulations and requirements – or changes to existing ones. Therefore, the market’s financial professionals are constantly working “under the clock” to keep up with deadlines and refine processes to ensure compliance.

Early on, we recognized that technology was the only practical way complex organizations could to effectively manage the ongoing regulatory evolution.

In 2003, Tagetik created a special practice dedicated to serving the financial services industry. We took this direction because we knew that companies in this sector would be grappling with financial management and reporting requirements that are much more complex and stringent than those in other market sectors. To support these needs, we recognized the need to extend the Tagetik solution to perform very specialized calculations and industry-specific reports.

Since then, to paraphrase the old American commercial, “We’ve come a long way, baby.” One of our most recent accomplishments is supporting our customers through the Solvency II transition.

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This past September, we had the honor of hosting our first “Insurance Day” conference, which culminated almost four years of hard work and ongoing collaboration with our customers to address the challenges of Solvency II. While we had no doubt that the event would be useful to attendees, its success surpassed our expectations. More than 200 finance executives from six European countries met to discuss new and upcoming regulatory requirements, the associated reporting changes, and the role of technology in meeting these and other disruptive forces.

When we made the decision in 2012 to develop a specialized pre-packaged solution for Solvency II, we knew we were taking a risk. Essentially, we were developing a costly new product that would most likely require ongoing maintenance in order to keep up with regulation changes.

But, based on our previous experience in the banking sector, we recognized that most companies would need a dedicated solution to meet Solvency II’s complex requirements. And while there’s still more work to do, our approach has been widely adopted throughout Europe. In fact, we now have the largest market share of insurance companies in Europe, with currently more than 265 customers.

We continue to work to develop specialized offerings for other upcoming regulatory reporting changes such as IFRS 9, IFRS 15, IFRS 16 and IFRS 17. Also in progress is a Qlik Sense integration package that will provide executive dashboards based on data collected for Solvency II reporting.

We continue to seek input and suggestions from our customers for all of our financial offerings. Your perspective helps us create and fine-tune solutions that are usable, practical, and versatile -- in addition to meeting all regulatory requirements. We believe this ongoing collaboration is essential to our mutual success.

We also strive to help customers leverage the work required for regulatory reporting in ways that are advantageous for the business. In fact, we’d welcome to hear about ways you’ve found to use the data collection and work required for compliance reporting into business benefit. With your permission, we’ll share these practices in upcoming blogs.

As the deadline clock keeps ticking, you can count on us to help you fully meet your compliance challenges – on time and with complete confidence.

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