Financial Crime World

Slovenian Financial Institutions Embrace Compliance Software Solution

Financial institutions in Slovenia are turning to Finevare’s cutting-edge software solution to ensure seamless compliance with regulatory requirements. The comprehensive platform offers a robust approach to IFRS 9 and IFRS 17 compliance, providing accurate calculations, simulations, and reporting.

Key Features of the Compliance Software Solution

  • Proven Methodology: Finevare’s Enterprise Solution boasts a proven and audited methodology, constantly verified and maintained by a team of experienced actuaries, analysts, and developers.
  • Modular Design: The software offers a range of modules designed to meet the unique needs of financial institutions in Slovenia, including:
    • Insurance Contracts Valuation: Supports direct business and reinsurance held, calculating liability for remaining coverage and incurred claims.
    • Cash-Flows Generation Engine: Generates cash flows based on configured parameters, allocating them to current and future service.
    • Forecast and Planning: Automates IFRS 17 results for prognosis dates, generating existing business runoff and supporting expected new business generation.
    • Simulations and Reporting: Provides automated sensitivity analysis, allowing for what-if analyses based on different parameters or input data. Out-of-the-box disclosures and reports can be easily customized to meet specific needs.
    • Accounting: Generates IFRS 17 accounting postings and transactions, verifying and reconciling them with the IFRS 17 module.
    • Data Warehouse: Gathers input data from other systems, transforming, storing, and transferring it to Finevare. Serving as a datamart for these data, it enables seamless integration with General Ledger and BI tools.

Benefits of Implementing the Compliance Software Solution

  • Accurate Calculations: Ensure accurate calculations and simulations to reduce regulatory risk.
  • Efficient Workflows: Streamline business processes and automate reporting to improve overall business performance.
  • Enhanced Reporting Capabilities: Provide users with intuitive graphical design, interactive charts, and ad-hoc pivot table creation for report visualization and customization.

User-Friendly Interface

The user-friendly interface features an intuitive graphical design, operated via a web browser. Interactive charts enable report visualization, while a reporting wizard allows for ad-hoc pivot table creation. Simple and easy-to-use configuration and administration of data sets, running reports, and simulations make the solution accessible to users of all levels.

By implementing Finevare’s compliance software solution, Slovenian financial institutions can ensure seamless compliance with regulatory requirements, accurate calculations, efficient workflows, and enhanced reporting capabilities, ultimately reducing regulatory risk and improving overall business performance.