Introducing RCDS: Enhancing regulatory change deployment for NAIC clients

“We are excited to introduce the Regulatory Change Deployment Service (RCDS), a comprehensive solution designed to streamline the implementation of regulatory changes for our valued NAIC reporting clients” said Grzegorz Kapusta, NAIC Reporting Solution Manager at SimCorp. “As part of our commitment to providing top-notch support, RCDS offers a range of services to ensure a smooth and efficient transition in response to regulatory updates”’

What's included?

RCDS encompasses a holistic approach to regulatory change management, covering various aspects of the deployment process:

·      Analysis of client's environment: We conduct a thorough analysis of each client's environment to identify areas affected by regulatory changes, ensuring a targeted and efficient deployment process.

·      Implementation of relevant change items: Our team oversees the implementation of relevant change items in the test environment, ensuring compliance with regulatory requirements.

·      Performance of unit tests: Rigorous unit testing is conducted to validate the functionality and integrity of implemented changes, mitigating the risk of errors or inconsistencies.

·      Execution of business Tests: We execute comprehensive business tests to assess the impact of regulatory changes or configuration updated on business operations and processes, ensuring readiness for production deployment.

·      Generation of implementation and test documentation: Detailed documentation is provided throughout the deployment process, including implementation plans, test cases, and results, ensuring transparency and traceability.

·      Continuous support advisory and supervision: Our team provides ongoing support, advisory, and supervision during the change deployment process, addressing any issues or concerns promptly and effectively.

Client engagement

All SimCorp NAIC reporting clients are empowered with the RCDS, benefiting from its comprehensive suite of services tailored to their regulatory compliance needs. Several cycles have already been completed, with ongoing initiatives initiated in February 2024 set to conclude by mid-March 2024.

Future outlook

RCDS operates on a biannual cycle, facilitating regular testing of annual and quarterly reporting requirements. This proactive approach ensures that our clients remain compliant with regulatory requirements and well-prepared for any future changes.

In conclusion, RCDS represents our commitment to delivering excellence in regulatory change management, providing our NAIC clients with the support and expertise needed to navigate evolving regulatory landscapes confidently. We look forward to continuing our partnership and supporting our clients' success in meeting regulatory requirements effectively.

For more information about RCDS and how it can benefit your organization, please contact the NAIC team directly at [email protected].