Within the strategy of Group Accounting Reporting & Control (GARC) of a.s.r., the realization of one IT platform for all Risk and Finance reports is an important pillar. To ensure that the (future) IT platform can provide in all internal and external reports, a.s.r. requested KPMG to define a single generic data model for all Risk and Finance reports.
Within this data model, we determine all individual data elements that can be recognized at the lowest level, including the relationships between these data elements and the most important data characteristics (e.g. data ownership). Besides the fact that this data model is the basis for the requirements and design of future (Risk and Finance) IT platform (Tagetik), it also enables rationalization of the underlying data and reports.
The first important part of the project consisted of analyzing all the required dimensions within Tagetik. Identifying upfront these dimensions is crucial due to the fact that the number of dimensions in Tagetik is limited. These dimensions enable to report the data elements via, initial determined cross-sections by product, entity, market segment, cost centers etc.
During the analyses, if possible, we appointed the future data requirements under IFRS 9 Financial Instruments and IFRS 17 Insurance contracts. After a thorough analysis, the number of dimensions was reduced to nine with one Tagetik 'custom dimension' still available. The second phase consisted of in-depth elaborating and rationalizing the different dimensions. In this phase, we integrated the various entity structures (e.g. based upon business economics and regulatory (IFRS, OTSO) entity structures) into one structure and consequently in a single dimension. At the same time, the dimensions of the Tagetik Solvency II Pre-Packaged Solution (PPS) are also integrated into this data model.
The final phase consisted of identifying all required data elements from the extensive set of reports, rationalizing and enriching these data elements and developing the necessary data management measures. In order to use and manage the new data model in a sustainable manner, clarity is required regarding roles and responsibilities with respect to data management and data management processes must be followed.
After an intensive cooperation between a.s.r. and KPMG, the project has been successfully transferred to the business. The generic data model assures that all necessary reports can be composed by using the Tagetik platform. Furthermore, the data model stimulates further professionalization of data management within a.s.r. and the data model provides the basis for further rationalizing data and reports. At last, the data model offers efficient, effective and sustainable realization of future changes in processes and reports resulting from, for example, IFRS17 Insurance Contracts.