Financial Risk Solutions (FRS), a provider of investment administration and compliance software solutions, has announced that its Invest|GRC™ (Governance, Risk & Compliance) product has been implemented by Hawthorn Life, a Berkshire Hathaway company. The implementation is 15 months ahead of the Jan 2016 deadline for Solvency II asset-reporting, which dictates that insurance companies must provide more granular and more frequent insight into the risk and return profile of their investments.

The unique software allows for the fully-automated production of Pillar 3 D1 (investments data) and D4 (investment funds) Solvency II reports by consuming and enriching data from various sources. For Hawthorn Life these sources include Morningstar data and a fund-pricing outsourcer for daily holdings data. The combined data can then be used for monitoring and reporting in the prescribed QRT (Quantitative Reporting Templates) format.

Brian Aherne of Hawthorn Life comments “Through our adoption of Invest|GRC™ being able to view and report on our investments and funds not only helps us meet our regulatory requirements but also benefits our overall business – and we have been able to do this quickly, efficiently and at minimal cost to our business. The process of adopting the software from FRS was seamless and efficient, which means that we are now 15 months ahead of our regulatory deadline and can concentrate on our main business of serving our clients.”

Frank Carr, Chief Marketing Officer at FRS says “QRT reporting is quite a challenge for life companies – mainly because of the sheer volume of data and frequency of reporting required. So having one system that can seamlessly facilitate that, yet has the ability to work with existing data sources is important. Having Hawthorn Life adopt Invest|GRC™ is real testament to our ability to deliver a software solution that works – and puts Hawthorn at a real advantage in terms of Solvency II readiness.”