The data policies and quality procedures of the prudential reporting at a Belgian insurer were a confusing maze. It was hard to determine whether the company met all the mandatory requirements set out by a directive of the Belgian National Bank (NB_2017_27). If the company’s auditor were to find any lack of compliance, the consequences could lead to the withdrawal of authorization to exercise its activities.
Therefore, our client called upon Agilytic to reshape the data structure and flows into transparent channels, through which the reporting ran smoothly and meeting requirements on data quality, data governance, and process control.
Reshaping a system requires reshaping its perception among those involved in it. So, we started by enhancing the company’s understanding of the directive, illustrating the structure, impact, and importance of the final channels.
We mapped the existing policies and procedures by interviewing all stakeholders in the reporting chain, leading up to a shared comprehension of the data structure “as is” and the transformation it should undergo.
We designed a 3-step action plan:
Finally, high-level data quality guidelines were published to provide everyone involved with an overview of the channel’s optimal functioning and its objectives.
By documenting and reshaping the prudential reporting procedures, we created transparent work channels with long term benefits:
Since 2015, Agilytic helps innovative leaders solve their biggest challenges through the smarter use of data. With over 80 successful projects to date, we have perfected a pragmatic approach to putting data at the service of business goals, be they commercial, operational, financial, or human. Reach out today for a quick introduction, we’d love to hear from you.