With increased regulations such as Sarbanes Oxley, MCEV, Solvency II and IFRS, and the demand to reduce the reporting timescales, companies of all sizes are looking to improve their end-to-end reporting processes. Many financial institutions are considering ways to aggregate and report on various risk activities seamlessly across their numerous business areas. Many are looking favourably at Risk Management systems operating across a common platform.
The Prophet Liability Model Implementation and Upgrade Service is designed to allow customers to estimate the effort involved in moving their actuarial models to the Prophet environment. It allows them to assess the costs of migration to this next generation – a way of working that offers better auditability, reduces reporting timescales and allows Actuaries to be more focused on monitoring and analysing those key risk indicators. They can then evaluate these costs against the savings gained through economies of scale of consolidated systems, reduced operational risk, better utilisation of hardware and reduced IT support costs.
Our team of dedicated Prophet library and IT consultants, supported by the resources of the whole Prophet team, can provide solutions from a combined Actuarial and IT perspective. This ensures that when you start to use a new/upgraded library or module, they are best-placed to help you.