Model Risk Management – Insurance
This European, multi-business insurer has a major technology and business transformation program to implement high-quality data quality governance in order to generate and demonstrate soundly-based solvency calculations.
Like all insurers, a significant proportion of the data to be used in solvency calculations is held and/or manipulated in spreadsheets. It would be a very long and expensive project to replace all these spreadsheets and, in certain areas, would not create a practical solution due to the continuing flexibility required by the business. The insurer, therefore, required an alternative approach to insure the application of data governance policies for these business-critical spreadsheet applications.