The Finance and Risk enterprise architecture of the future

To comply with rules and regulations, remain competitive in tomorrow's world, and be in a position to act as a business partner for Finance and Risk, insurance companies and banks need a robust, data-driven and integrated reporting chain.

The goal on the horizon

The first step is setting the target on the horizon: the design of the enterprise architecture. When designing the architecture you must take into account your internal developments, as well as the requirements arising from the IFRS, Basel and Solvency II regulations.

A well thought out enterprise architecture is essential if you are going to take well-informed decisions about the different components, such as general ledger, central data store, calculation engines and the reporting solution. The architecture is also the foundation for major changes such as IFRS 17.

As soon as you have set the target on the horizon, you can define the route you will take to achieve the vision. The point of departure will be different in each bank or insurance company.

The challenges

The definition of the enterprise architecture and roadmap will surface the following questions:

• Which components of the architecture do we create centrally and which are decentralised?
• How do we recycle for IFRS 9 and IFRS 17 as much as possible of what we have already set up for Solvency II?
• Which process steps need to take place for the general ledger, the central data store and the other components of the architecture?
• What applications are best suited (fit-for-purpose) for each of the different processes?

How can we help?

• Cataloguing business and IT requirements
• Cataloguing / critically evaluating the enterprise architecture
• Cataloguing / critically evaluating the (achievability of the) implementation roadmap
• Here we apply best practices gained from our experience in the sector.
• Providing a temporary architect for Finance and Risk

Why Sofia Consulting?

• A good architecture and a realistic roadmap requires a diverse number of knowledge and skills. We combine in-depth financial and actuarial knowledge with knowledge of both regulations and available tools.
• A pragmatic approach.
• A lot of template materials ready to use, giving you a head start on this:
• Pre-prepared vision architecture with requirements