Why support is key for Solvency II compliance using CCH Tagetik

Solvency II regulations evolve regularly, requiring insurance companies to continually adapt their processes to meet new requirements. Therefore, CCH Tagetik’s Solvency II module releases frequent updates. But staying compliant isn’t just about software updates; it’s about navigating the complexities of these changes. Discover how effective support makes it easier to stay on track and meet regulatory deadlines without stress.

The changing landscape of Solvency II

Solvency II is an ever-moving target, with frequent regulatory changes impacting internal data systems, processes, and reporting requirements. The European Insurance and Occupational Pensions Authority (EIOPA) regularly releases new standards that insurance companies must integrate into their systems. Quantitative Reporting Templates (QRTs) and Prepackaged Solution (PPS) releases from CCH Tagetik are part of this continuous process.

CCH Tagetik’s role in simplifying compliance

Insurance companies widely use CCH Tagetik for their reporting needs, especially its Solvency II and IFRS 17 modules. With these specialized tools, CCH Tagetik ensures that updates to the Solvency II taxonomy are seamlessly incorporated into your system each year. Regular releases—four per year—keep you on track with the latest regulatory changes, avoiding bottlenecks and making life easier during the crucial end-of-year reporting period.

However, relying solely on software isn’t enough to stay compliant. Effective support is essential to help you interpret and implement these updates quickly and efficiently. Having access to experienced specialists who understand both the functional impact of the regulatory landscape and your reporting needs can save valuable time and reduce the risk of errors.

5 steps to effective support for Solvency II compliance using CCH Tagetik

1. Analyze the impact
   The first step is understanding how Solvency II impacts your organization’s reporting templates. With over 100 reporting elements, it’s essential to identify which are relevant to your operations and how they affect your data systems. Our specialists at Swap Support can guide you through this process, comparing your current setup to the new regulatory requirements and helping you prioritize changes.
2. Adapt your internal data systems
   The regulatory changes may also affect your internal source systems like ERP, insurance platforms, and data warehouses. Once you know the scope of necessary adjustments, implementing these changes becomes the next priority. Support from experts ensures that adjustments are made correctly, minimizing disruptions.
3. Ensure data integration
   Next, ensure that your internal data flows seamlessly into your reporting system. This may involve updating or even re-implementing your ETL processes to integrate data into CCH Tagetik correctly. Support during this stage helps avoid integration issues and ensures smooth data transfer.
4. Implement system upgrades
   CCH Tagetik regularly releases upgrades to help you comply with the latest Solvency II regulations. Plan the implementation of these updates to align with both the regulatory deadlines and your reporting schedule. Expert support can help coordinate these upgrades with minimal disruption to your business operations.
5. Test everything thoroughly
   Finally, once the updates are implemented, thorough testing is crucial. Testing ensures that the integration and adjustments to your internal processes are working as expected and that your system is ready for any new regulatory requirements. Having the right support expertise during testing can help identify and fix issues quickly. Also, Swap Support delivers an Impact Analysis (IA) before the upgrade. This gives you a clear view of exactly what needs to be tested.

Swap Support’s role in your Solvency II compliancy

At Swap Support, we specialize in handling complex updates and providing independent, pragmatic advice tailored to your business’s needs. With deep expertise in CCH Tagetik, Solvency II, and your reporting needs, we guide you through every step of the process—from analyzing the impact of regulatory changes to implementing and testing updates successfully.

Our scalable support approach ensures you can access the scarce expertise needed to complete all activities ahead of critical deadlines. This enables you to stay compliant while avoiding last-minute challenges.