Frankfurt, December 19, 2016 – Management and technology consultancy BearingPoint, a leading provider of Risk and Regulatory Technology (RiskTech/RegTech), was acknowledged as the “Regulatory reporting technology provider of the year” at the firstRisk.net Buy-Side Awards. The judges’ panel honored BearingPoint for ABACUS/Solvency II, a tamper-proof, end-to-end reporting solution. Technology awards were given to specific products or product modules provided by third-party technology vendors to the buy-side of the market in recognition of best practices in designated areas.
The acknowledgement of ABACUS/Solvency II as the best regulatory reporting product makes us proud, as it clearly reflects our commitment to supply innovative and efficient technology to the insurance industry. The successful go-live of the Solvency II reporting in May 2016 was an important milestone for us. Now we are looking with confidence towards the first annual reporting due to be submitted in May 2017.
Maciej Piechocki, Partner at BearingPoint
The award indicates the trust our clients have in us, and their trust is important to us. We are continually working on improvements to the product and adding new features in line with customer needs. For example, we have extended our system to support the national specific templates (NSTs) for Ireland and France and are planning to support other countries as they define their NSTs. Among the latest developments is the introduction of an ABACUS/Solvency II KPI module, which allows analyzing the report data, defining and measuring key performance indicators (KPIs) as well as graphically visualizing them.
Rüdiger Lambrecht, Senior Manager at BearingPoint
ABACUS/Solvency II is currently used by over 200 small, mid-size and large international insurers in 21 European countries. It covers the complete Pillar 3 workflow from data import, validation and sign-off to the final generation of regulator-ready Quantitative Reporting Templates (QRTs) in XBRL format. Because BearingPoint uses its own data model, ABACUS/Solvency II can automate many of the processes along the way. The software is available as an on-premise solution and as SaaS (Software-as-a-Service), with approximately 50% of clients opting for the latter.
ABACUS/Solvency II is already widely trusted and endorsed by users: The Solvency II “Day 1” and first quarterly data submissions with ABACUS/Solvency II were a resounding success for BearingPoint’s customers across Europe. Since the Solvency II “Go-Live” in May 2016, BearingPoint clients have successfully generated and submitted their required reports to local supervisors, including the Central Bank of Ireland, the PRA (UK), BaFin (Germany), CAA (Luxembourg), FI (Sweden), IVASS (Italy), ACPR/Banque de France, and FMA (Austria). Furthermore, ABACUS/Solvency II has already been lauded by a variety of industry experts. In 2015, BearingPoint achieved a strong position in the Gartner Market Guide for Solvency II solutions, which analyzed the market of Solvency II solution providers. The ABACUS/Solvency II platform also received an award for “Best Regulatory Reporting Software” at the Insurance Risk Awards 2015 by Risk.net.
The solution is based on BearingPoint’s proven Abacus platform, which is widely used by firms to meet their reporting requirements under Basel III, MiFID, EMIR and other directives. BearingPoint works closely with both regulators and the industry as part of its continuous development of Abacus, helping to keep it at the forefront of regulatory technology and expertise.