Data Dictionary to support Solvency II at Aspen Insurance
Solvency II is a pan-European insurance regulatory initiative that is primarily focused on the capital that must be held to reduce the risk of insolvency. However, Solvency II goes beyond traditional regulatory approaches to mandate a great deal of specificity about data management practices.
The output the regulator requires the insurer to provide includes the source, characteristics and use of data. Aspen Insurance managed their regulatory compliance efforts at a very low cost by creating a business glossary and data dictionary, supported by the stewardship functions within the Collibra Data Governance platform.
The business glossary addresses the different uses of terminology across the organization and business ownership.
The data dictionary documents the data flows, including the “consumption” and “production” of data, the usage, the “materiality” (to identify what is the most important for a calculation), the data quality rules and controls.
The stewardship organization formalizes responsibilities and accountability to be able to properly coordinate the communication between people. This supported issue resolution, SME outreach or the review of risks and controls.