Solvency II: Learnings From The PRA Data Requirements Review

On 9 February 2016, the PRA published a set of findings from their data review as part of firms' internal model approval process (IMAP) submissions¹.

This report builds upon the interim report that was issued back in 2012 and includes analysis from over 50 firms in the IMAP.

Firms still undergoing the IMAP submission should use the findings from the PRA report as a good benchmark when embedding activities to comply with the Data Quality requirements as part of the Solvency II². However, all firms can use these findings as a reference point to improve their wider data governance framework not only to support regulatory compliance, but also as a basis for good practice in a world of big data and analytics.