Implementation:
Implementation can take many forms, from a simple model enhancement to a full replacement of the existing tools and improving models and processes. Our team is on hand to provide any level of assistance. Some examples of previous work we have undertaken are as follows:
• Remodel of existing VIP4.5 models, or models previously converted from VIP4.5, using the latest standard code.
• Addition of new products and assets into existing models.
• Enhancement or inclusion of guarantee and option calculations that may not be fully modeled in existing models.
• Implementing a fund or company structure to allow for dynamic decision rules and asset rebalancing.
• Inclusion of new actuarial process calculations due to new regulation, such as Solvency II, or to expand existing functionality of the current model set.
• Amendment of the model to allow both deterministic and stochastic processing.
• Complete model documentation required for regulatory requirements
Solvency II and ICS:
Solvency II has been in effect since the beginning of 2016 and we have helped many of our clients to use Modeler for many aspects of complying with the regulations. A summary of some of the areas we can assist with are as follows, but if you have any questions not covered here then please do contact your local consulting representative.
• Integrating the Standard Formula Aggregation model with your existing model set for Solvency II reporting.
• Enhancing models to ensure compliance with the new regulations.
• Enabling the efficient calculation of the Solvency II stresses required for input into the Standard Formula Aggregation model.
• Expansion of output and mapping to integrate with required EIOPA reports.
IFRS 17:
With IFRS 17 due to come into force in 2023, RNA Analytics has built a template process to show how businesses can achieve IFRS 17 compliance with R³S Modeler and R³S Process Manager. By utilizing some of Modeler’s key functionality, the process can be streamlined, ensuring only calculations required at each step are completed. The consulting elements around IFRS 17 are currently focused on the following areas:
• Assistance with determining how the example IFRS 17 process model can be expanded and integrated into your existing processes.
• Enhance current base models to ensure compliance with the regulations.
• Work collaboratively with partners to ensure a full end-to-end implementation of the regulations in a range of markets.
Model, Process & IT:
Over time, new or enhanced functionality may become available in the software, or new hardware maybe released, both of which could benefit your models. To ensure your model is performing efficiently in terms of coding, process and IT infrastructure, our combined team of technical and actuarial consultants can assist in profiling and amending the models and processes. Examples of the consulting undertaken are provided on the page to the right, but if you have any questions then please contact your local consulting representative.
• Examination of the model structure against the best-practice approach for modeling to improve model runtimes.
• Analysis of the code to determine any inefcient use of Modeler functionality or to identify code that takes a substantial proportion of model runtime, therefore highlighting where to focus attention when implementing model improvements.
• Analysis to identify what external processing is completed that could be moved within Modeler and Process Manager to reduce the end-to-end processing time and reduce manual intervention and manipulation by providing more automation.
• Model review to identify how new functionality could be used within existing models and processes along with its potential impact.
• Example runs of existing models on our in-house servers and grid setup to provide indicative runtimes for potential IT setups.