Pillar V

Pillar V is about everything under the Solvency II regime not covered by Pillar I. Just do the calculations (without questioning whether Pillars are additive, mathematically speaking) or ask somebody who joined the recent CAE Event.

Recently, in a competitor´s slide-show I saw a statement covering Pillars I, II and III, ergo being compliant with Pillar V. Let´s take a closer look: 

Under Pillar II, they list IT-compliance, audit trail and secured data flow among others. I'm so happy that the PillarOne-platform already incorporates all these elements. The strong IT architecture with an underlying database (such as mysql, oracle, db2) ensures a (real!) audit trail etc. I only cannot figure out how most competitors manage compliance with IT-rules if their software allows direct typing of code, or linking custom Excel Sheets - into a tool (potentially) running on a corporate server ... This is not only an audit issue, but also a serious security issue and hence, the PillarOne approach is to first build and test a model and then to deploy / roll-out it out to the business.

For Pillar III the mentioned slide-show lists reporting as a main feature. We agree: A variety of graphics and automated reports, fully flexible and adjusted to both, the specific needs as well as the flexibly changing model is essential. As you might already know, we like to use jasper reports there. 

Maybe I should open a discussion thread in the forum: Renaming of PillarOne to PillarFive. Just kidding. But it is good to know we are even ready for new requirements such as Pillar V. Recently added views, or the process support (to be released in Q1, 2011) are essential for preparedness.

Markus M.