Dublin, 06 July 2017
Friends First will use InvestGRC™ to produce Key Information Documents (KIDs), a requirement of the imminemt PRIIPs regulation.
Financial Risk Solutions (FRS), a Dublin-based provider of unit-linked investment administration and compliance oversight software, is pleased to announce that Friends First, one of Ireland’s leading life assurance companies, has selected its InvestGRC™ (Governance, Risk & Compliance) software to produce Key Information Documents (KIDs), a central requirement of the upcoming Packaged Retail and Insurance-based Investment Products (“PRIIPs“) regulation.
PRIIPs regulation will take effect in January 2018 and will ensure that PRIIPs manufacturers prepare a Key Information Document for each PRIIP that they produce and publish each KID on their company website.
KIDs will be more than a regulatory requirement to provide additional documents – they will be a key component of point-of-sales illustration material and must be provided in good time (before the consumer is bound by any financial decision) and must clearly outline;
Friends First: Ahead of the Industry:
In selecting the InvestGRC™ solution, Friends First is demonstrating industry-leading preparedness for PRIIPs regulation, as well as deepening an existing relationship with Financial Risk Solutions which already supplies Friends First with InvestPro™, an investment administaration software solution.
The compilation of KIDs is extremely complex for PRIIPs manufacturers. Once compiled each KID requires quarterly updates based on the previous five years’ unit prices and current positions holding data. The KID also needs to demonstrate a range of performance scenarios showing possible returns. For Friends First this means that the InvestGRC™ solution will be generating in excess of 200 KIDs each quarter.
Shane Quinn, Commercial Product Director at Friends First commented on the decision to choose InvestGRC™:
“Following a competitive tendering process we are delighted to choose the FRS InvestGRC™ software to generate our KIDs and view this important legislative change as an opportunity to showcase our strong investment products.”.
Frank Carr, Chief Marketing Officer at FRS commented:
“It is a testament to the quality of our software, thought leadership and the relationship between our two companies that Friends First have again chosen FRS to provide their software solution. InvestGRC™ (Governance, Risk & Compliance) is an award-winning solution and we look forward to our continuing relationship with Friends First.”*
Notes to Editor:
*FRS is Tech Vendor of the Year: GRC in the 2016 Risk.net Buyside Awards for its Governance, Risk and Compliance software suite, InvestGRC™. http://www.risk.net/asset-management/2478740/grc-technology-provider-year-financial-risk-solutions
About Friends First: Friends First is one of Ireland’s oldest and most established Life Assurance companies, meeting the financial needs of customers since 1834. Friends First have over 281,000 customers and employ over 300 people in Ireland. Friends First is fully owned by the Dutch Insurance Group, Achmea, one of Europe’s leading insurance players.Friends First Life Assurance Company manages total assets of €4bn, generated Total Premiums of €602m in 2016 and is regulated by the Central Bank of Ireland. For more information visit https://www.friendsfirst.ie
About Financial Risk Solutions (FRS) Founded in 1999 by actuaries and IT specialists, Financial Risk Solutions Ltd (FRS) is a leading provider of unit pricing, investment administration, asset reporting and compliance oversight software specifically designed for the Life Assurance and Asset Management industries. FRS offer a proven range of modular, intuitive technology solutions which allow customers to pro-actively monitor and administer investments as well as mitigate risk by continually monitoring breaches and exceptions to critical investment processes. These solutions include:
InvestPro™ securely automates multiple complex fund administration processes within a single application. InvestPro™ unit-pricing and investment administration software is scalable, modular and flexible.
InvestGRC™ empowers insurers and asset managers to meet Pillar III asset reporting standards in the Solvency II world via a single, analytics-driven database, combining data from internal and external sources.
InvestOPS™ automates the validation of operational activity performed by outsourcing partners, enabling firms to supervise outsourced functions, data and to manage the associated risks. For more information visit www.frsltd.com or follow FRS on LinkedIn.
Disclaimer: The names of actual companies and products mentioned herein may be the trademarks of their respective owners.