Satisfying regulatory requirements professionally and efficiently
Do you work for an Italian insurance company where you are responsible for managing investments in an SAP-FAM-based system landscape? Are you required to ensure that details of your assets and liabilities are reported to IVASS punctually and in full? Do you require the safe and reliable support of experts to achieve this?
If so, you can rely on our regulatory reporting competence
National regulatory reporting under SAP is one of our core competencies:
- For more than 10 years, we have been maintaining a close partnership with SAP to drive forward the continuous development of reporting solutions among other Things.
- In addition, we are developing country-specific reporting content for insurance markets in Italy, Spain and the United States.
- Our solutions are used by large international and also local insurance companies.
Our special solution for the Italian market:
The COMPIRICUS add-on FS-SR-IT (IVASS Reporting) is based on the SAP insurance reporting platform FS-SR. It allows you to effortlessly produce any report in the format required by IVASS.
In addition, it offers you numerous interfaces for sharing data with internal and external systems automatically and conveniently.
Our SAP FS-SR-IT solution keeps pace with the IVASS history
It has grown as the statutory requirements in Italy have changed - specifically, these are:
- Regolamento 28 of 31 December 2011.
- Regolamento 36:
• Modified by Provvedimento ISVAP No. 2896 of 26 May 2011.
• Modified by Provvedimento ISVAP No. 2992 of 18 July 2012.
• Modified by Decreto Destinazione Italia (D.L. 145/2013)*, 1 April 2014.
• Modified by Provvedimento IVASS No. 22 of 21 October 2014.
- Regolamento 38 of 31 December 2011:
• Update schema XML file G003, 28 November 2012
• Update web address schema, 27 February 2013.
- Derivatives and Structured products of 31 March 2013:
• Update specification ASCII file, 12 April 2013.
• Circular No. 250 of 11 January 2013
Always one step ahead
We have frequently been able to give our customers the peace of mind of being prepared for new requirements in sufficient time before they take effect. You, too, can utilize our extensive industry and system expertise to ease the pressure in your day-to-day Routine.
Our service for you
- To enable customers to adapt SAP to regulatory changes in advance of any deadlines, COMPIRICUS updates are executed as standard by means of hot packages
- Out hot packages contain relevant information which you can use to improve your competitive edge
- Our download area holds details of new regulatory requirements and user manuals as well as all instructions on how to install the hot packages
- To be able to better serve our customers’ needs COMPIRICUS acts as an intermediary for clarification requests with the Italian regulator and receives the IVASS notifications relevant for insurance companies
- For your safety, the COMPIRICUS team monitors the Italian legal requirements continuously and stays in touch with national regulators and auditors as well as with data market providers and industry associations.
Advantages for you
As regulatory developments always entail a certain degree of uncertainty for standard implementations, several customers share the same SR-IT platform to benefit from a single unique centralized solution:
- Interpretation of legal requirements building to meet common customer specifications for a standard investment platform
- Understanding of the impacts on processes and modeling operations for standard SAP integration of business functions via the standard FAM module
- Monitoring of regulations over time and implementation of these in the real world to ensure regulatory compliance of the investment management System
- Enhancement of unique functionalities for compliance tools in the SR-IT solution helps you to gain control of the data collected and processes it to create flow Interfaces
- Implementation of official formats and interfaces including the internal control logs requested by the authorities before output is generated