TRANSKap is a web-based application which provides an end-to-end solution for gathering underlying asset holding data of collective investments and reporting risk management information, including the capital requirements for market risk stresses.
The process is fully auditable and results are reported in a way that will both add value to users' business operations and meet the 'line by line' reporting requirements stipulated by Solvency II regulation. Global Actuarial is working with Morningstar UK Ltd., a leading provider of independent investment research and data, to ensure that the look-through data required to perform market stress calculations are available and of the highest quality possible. Provided data fields include the Complementary Identification Code (CIC) of each individual holding.
TRANSKap is configured for Standard Formula stresses, but can be integrated with existing client systems for Internal Model calculations.
In addition to the capabilities of the technology, Morningstar and Global Actuarial provide an ongoing service solution. Any user queries regarding data will be forwarded directly to Morningstar, where teams and developed processes are in place for the collection, cleansing and validation of data for accuracy and completeness. Global Actuarial will provide support for the application and work with clients should they desire customisations.
Andries Beukes, FIA, Director of Global Actuarial says, "...risk managers and regulators in the financial services industry demand accurate information to be delivered under far tighter deadlines than ever before. This movement has been spurred on by the high market volatility that has been experienced in recent years. Our goal was to develop a practical tool that could deliver a standalone solution, but which was also flexible enough to integrate into technology where an Internal Model had been adopted."