UK-based Old Mutual Wealth has selected Eagle Investment Systems’s enterprise data management solution Eagle ACCESSS to support its Solvency II compliance programme.
The solution, which is deployed over Eagle’s secure private cloud, will centralise and streamline the wealth manger’s data management processes to support the creation of new regulatory reports on assets, said BNY Mellon’s subsidiary Eagle Investment Systems.
Initially Old Mutual Wealth will leverage Eagle to source, normalise, validate, enrich and store its data in the QRT formats mandated as part of the Solvency II reporting and disclosure requirements under Pillar 3.
Eagle added that its enterprise-wide solution will help fulfill a key requirement to manage the wealth manger’s Solvency II needs across its UK and International businesses.
Peter Bryan, financial controller at Old Mutual Wealth, said: "Eagle stood out for its ability to help us meet the strict asset reporting requirements set out under Solvency II. The firm’s existing infrastructure, local support structure and their solution’s ability to manage complex data streams in multiple formats set them apart."
Eagle managing director and head of EMEA and APAC John Legrand said: "Financial institutions are being held to a higher standard of data governance, and the need for exemplary data quality, alongside transparent and demonstrable data processing, continues to grow.
"The demand for more detailed reporting brings with it more intensive data requirements. Increasingly we are seeing firms need to implement more robust data management solutions as the source for their reporting commitments across different regulatory requirements, and to provide credible audit trails and assurance to its constituents."