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Solvency II updates for Q3 and beyond

Pillar 1

Calculation and automated import of Symmetric Adjustment in SimCorp Dimension

To enhance the automation in the Pillar 1 workflows, the Solvency II team is working on tools to calculate the Symmetric Adjustment (SA) for Equity Risk in SimCorp Dimension and to improve the import of the SA via Filters.

The calculation of the SA in SimCorp Dimension allows to provide the SA on a daily basis, even before the monthly SA is published on EIOPA´s web site. This is interesting for the clients who run the Pillar 1 Market Risk calculations on a daily or weekly basis, such as for internal risk monitoring purposes, and need a current version of the SA before the EIOPA release.

Pillar 3

Solvency II review/Taxonomy 2.8 final version published

One of big working topics in 2023 is the Taxonomy 2.8 update, which contains major changes to the Pillar 3 QRTs (Quantitative Reporting Templates) and introduces several new QRTs. 

The Solvency II team released the first update package for Taxonomy 2.8 with changes related to QRTs S.06.02 and S.08.01 in July. The final tests for the second package are currently ongoing. The second package will be released middle of September and will contain: 

  • a solution for the QRT S.06.04 (Climate change-related risks to investments), based on the SimCorp´s established ESG module,
  • changes for the QRTs related to Intragroup Transactions – updates for S.36.01 and S.36.02 as well as implementation of S.36.05,
  • changes for the QRTs related to Risk Concentration – updates for QRT S.37.01 and implementation of S.37.02 and S.37.03.

In parallel, the SimCorp Solvency II team has started projects for rolling out and implementing the Taxonomy 2.8 updates with its current clients.

Motivated by the regulatory Taxonomy 2.8 update, a couple of SimCorp clients decided to move from the legacy Pillar 3 platform, which was built in 2012, to the current “state of the art” Pillar 3 platform which is based on SimCorp's Data Warehouse technology. The Regulatory Center of Excellence welcomes the new Pillar 3 clients and is happy that the Solvency II Pillar 3 community has grown during summer 2023.

Snowflake update/Cloud readiness

Snowflake is SimCorp's strategic platform for cloud-based Data Warehousing. In summer 2023, the Solvency II team released a technical enhancement of the Pillar 3 Standard Solution, which enables SimCorp clients to operate the solution on the Snowflake platform. With the update provided, Solvency II Pillar 3 clients can now choose between the traditional Oracle platform and the Snowflake platform.

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