BNP Paribas Securities Services today has provided CNP Assurances with a first set of look-through reports to assist the insurance company with its Solvency II requirements.
In 2014, CNP Assurances mandated BNP Paribas to provide look-through reporting for 130 of its open-ended funds, which hold a significant proportion of its OPCVM (mutual fund) assets.
As part of this mandate, BNP Paribas is responsible for gathering and aggregating data from 43 asset managers working with CNP Assurances in order to calculate the Solvency Capital Ratio (SCR) of its funds.
Mikaël Cohen, director of investments at CNP Assurances, said: “Given the huge volumes of data to manage, we selected BNP Paribas Securities Services, a Solvency II and data management expert, following a competitive tender.”
“The first results have proved convincing and will enable us to enhance our risk management under the directive. BNP Paribas Securities Services has become a real partner.”
Patrick Colle, general manager at BNP Paribas, commented: “Our investment reporting and performance analysis team has developed a strong expertise in data management, helping ensure the quality of the data and of its sources required by the Solvency II directive.”
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