OOliba Enterprise

An agile and cost effective Solvency II solution

Managing your Solvency II project goes far beyond the calculation of the SCR/MCR.  The Solvency Pillar II requires for instance the calculation process to be traceable and auditable. Complex processes may be needed to gather the required data, typically involving external system integration and extensive collaboration between many internal stakeholders.

OOliba Enterprise helps you fully address your Solvency II needs, from actuarial modelling to reporting.

The most important functionalities of OOliba Enterprise are:

Controlled execution

OOliba Enterprise ensures controlled execution of risk models. The controlled execution covers the entire process from data gathering to results calculation, simultaneously providing security and full auditability.

The software’s controlled execution enables insurance companies to be compliant with Solvency II traceability and auditability requirements. This means that for each risk computation, OOliba allows you to easily locate the involved model and data that were used. Moreover a full audit trail reveals the name of the person who launched the simulation and when that happened as well as who loaded and approved the data files, etc.

Version Control

The data in OOliba Enterprise are versioned: modifying data on the platform (a model, a data file,etc) creates a new version of the data. This strict versioning strategy allows the platform to provide a full audit trail of previous SCR calculations.

For each simulation run (i.e. the execution of a model at a given point in time), the platform is able to retrieve the exact model version and any related data files that were used.

Workflow

A robust Enterprise Risk Management requires processes to be defined for each step in SCR calculations. OOliba Enterprise embeds support for custom workflows: the insurance company can define its own workflow and let the platform enforce it consequently.

In the example below, the import of a data file is linked to a validation process that requires the file to be approved by two actuaries and a risk manager. Each step of the workflow generates an entry in the central log.

The workflow management system supports email notifications. In our example, the risk manager will be notified automatically as soon as the file has been validated by the two actuaries.

In addition to the email notifications, all qualified users have access to web pages showing the tasks assigned to them.

Traceability

Each execution action  is logged and mentions the user, the action, the action parameters and a timestamp.

In addition to this standard log, custom workflows allow for logging additional data.

Audit reports

  • Model execution report
  • User activity report

All the audit data are accessible through a web interface

Security

Access to OOliba Enterprise requires a secure login. Role-based access is enforced on the platform: a set of roles is defined, linked to specific capabilities. Users can be linked to one or more roles allowing fine-grained access control. The defined security roles can be used in the custom workflows. For example, it is possible to configure the platform such that when a certain event occurs, all users belonging to a specific role receive an email notification.

Access to data files (uploaded to the platform or generated during model execution) is controlled by a vault mechanism. Files are stored in a single vault and users must be granted access to this vault in order  to acquire access to the data.

Integration

OOliba Enterprise includes a risk intelligence module that facilitates the integration with external systems.

  • The main features of this module include:
  • Intuitive and graphical user interface
  • Drag-and-drop design environment
  • Standards-based architecture that is proven and scalable
  • Rich transformation library with 100+ out-of-the-box mapping objects
  • Broad data source support including packaged applications, 30+ open source and proprietary database platforms, flat files, Excel documents, etc.