Peach, a compliance, risk and change management company in the UK, has released a unique Balance Sheet Process-Workflow (BSPW) framework for Solvency II account certification requirements.
This application operates in conjunction with Peachs certification scheme for software application vendors, service providers, banks and insurance institutions. This framework will help these entities with their Solvency II compliance, governance and risk management challenges and avoid costly penalties.
Peach links its compliance maps and audit checklist templates with the above process framework in order to integrate specific workflows into any Solvency II rulebook and compliance systems regardless of type and vendor.
Solvency II is an EU Accord that will require insurance firms to have a more rigorous risk sensitive framework for the assessment of insurance risks and capital requirements, modelled on Basel II, to ensure that insurers can meet their obligations.
Accordingly, Solvency II process workflows will be affected by and will affect Sarbanes-Oxley Act, MiFID (Markets in Financial Instruments Directive), Basel II Accord, Asset & Liability Management (ALM), Anti-Money Laundering (AML), and other related frameworks.
Instead of working in a silo, Peach applications help auditors, compliance officers, banks, financial institutions and solution providers to cross reference Solvency II to the other relevant frameworks for overlaps.
Peach enables such corporate entities integration of Solvency II with other self-attestation audit questionnaire checklists and processes, to avoid costly duplication or triplication of information and implementation costs.