BNP Paribas Cardif meets Solvency II RequirementsJune 5, 2017 / kShuttle
Any insurance or reinsurance company with subcontractors needs to produce a written subcontracting policy, which accounts for the impact of subcontracting on its business and includes reporting and tracking that apply to this subcontracting.
Solvency II, that started to apply on January 1, 2016, highlighted risks that apply to outsourced essential services. To answer the demands of regulatory authorities, these services need to be well understood and controlled, which includes inventory, supply management, and precise traceability of events that impact these services.
BNP Paribas Cardif selected kShuttle to track its outsourced essential services while targeting productivity gains, compliance with regulatory demands, and internal controlling functions, as defined by the parent company and lines of business.