Since 2006, the special fund managed by INKA KVG had been fully reproduced in the system, and by 2011, the company had full coverage of unit-linked securities via SWIFT. In 2015, the Austrian subsidiary of NÜRNBERGER was also integrated in line with Austrian reporting standards. Today, the company continues to focus on timely and effective mapping of new instruments and positions as it continues to diversify its assets and source back Master KVG funds as direct investments.
Turned reporting into a competitive advantage
Faced with stricter requirements for regulatory reporting, NÜRNBERGER realized that it had outgrown its home-built system and needed to standardize its reporting framework to ensure it could adhere to both local and international reporting standards effectively. In 2017, the company purchased the SimCorp Data Warehouse for all their reporting requirements, including regulatory reporting in accordance with national and international standards as well as internal management reporting. The selection decision was routed in the fact that the Data Warehouse came with an extensive investment meta data model for reporting purposes and that any changes within SimCorp Dimension would also be reflected as reporting templates in the Data Warehouse.
The project began in earnest in 2018 and the first phase of the project was a success. While the process of replacing legacy reports are ongoing, NÜRNBERGER also implemented SimCorp’s Global Sanctions Monitoring solution. This ensures that their portfolios are compliant with economic sanctions and all securities undergo pre-trade and post-trade testing.
The latest chapter in NÜRNBERGER’s journey has seen the add-on of a data visualization module with SimCorp Business Intelligence in a quest for making data more accessible, consumable and well-presented and ultimately, to strengthen their decision-making process by deriving insights faster. The company will begin the migration of their internal and external reporting output to SimCorp Business Intelligence, which will see the import of data models directly from the Data Warehouse.
Stephan Prieß and Michael Baier, NÜRNBERGER
Expanding to the front office
In 2019, NÜRNBERGER also began trade order processing via the Asset and Order Manager modules of SimCorp Dimension, expanding further its use of SimCorp Dimension in the front office. The core objective was to meet increased regulatory requirements under MiFID II as the company set up a new subsidiary, Nürnberger Asset Management, to manage the group’s assets. This meant a complete integration of all pre-trade processes within SimCorp Dimension, including trade documentation, and capturing the full history of trade data for audit purposes. However, the benefits went much beyond regulatory compliance and allowed NÜRNBERGER to increase the efficiency of its investment processes significantly:
- The time and effort spent on reconciling data between the front, middle and back office has been eliminated.
- There are no manual interfaces between front, middle and back office that need to be maintained.
- There has been a significant reduction in risk as any opportunity for data manipulation across the investment process has been eliminated, thereby adhering to the standards of the German regulator, BaFin.
An ongoing journey based on a trusted business Partnership
NÜRNBERGER is continuously looking for ways to realize the benefits of an integrated system and has been amongst the front-runners of its peers in seeking new opportunities for strategic growth through technology adoption.
