The EIOPA value assertions, or validations, are an important element in the quality of the reporting. When validation errors are detected instantly, corrections can be made timely. Especially with precise error messages the resolution time is shorter.
We implemented both the EIOPA technical and business value assertions with the goal to improve the overall regulatory reporting process. And our validations include NST's where applicable. We recognized the importance of the validations and as a result this is highly appreciate by our clients.
A lack of technical validations may cause the QRT filing being rejected by the regulator. And worse case the company has to re-do a major part of the reporting process.
EIOPA's technical validations (value assertions) are performed on input data. The user will receive immediate feedback, through clear error messages, and can quickly take corrective actions.
EIOPA's business validations (value assertions) are performed directly after the SCR/MCR calculations. The results are presented on the QRT Dashboard with direct links to the respective data points.
The input data, calculated results and corrective actions are all traceable to the level of data model points. A complete audit trail is kept independent of how the process is executed.