Bank of England invests £1.2 million in compliance data collection systems

The Bank of England plans to spend up to £1.2 million on new software systems to improve the collection of data from UK insurance firms.

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The Bank of England plans to spend up to £1.2 million on new software systems to improve the collection of data from UK insurance firms.

The systems are aimed at supporting the Prudential Regulation Authority’s implementation of Solvency II regulations - sometimes referred to as "Basel for insurers" on account of simliarities to banking regulations - which covers capital and risk management requirements.

The BoE is tending for two systems as part of a three-year contract worth between £800,000 and £1.2 million. One of the lots covers elements of an “end-to-end” data collection system, to deal with compliance data it regularly receives from 500 firms – estimated to be between 10GB and 200GB each month in total.

The system should collect “a variety of data from external entities (Insurance Undertakings) securely, via a user interface and a business to business interface, and [provide] secure user management capabilities”. It should also perform “appropriate business data and plausibility validation on the data” and allow users to “load, define, apply and maintain business data and plausibility validation rules”.

The other lot covers a system to “process and validate” Solvency II XBRL instance files, and extract data for loading into other systems.

Last month the BoE tendered for a new set of tools to deliver, manage and support its best practice ITIL aligned processesIt expects that the chosen IT Service Management provider will be able to support a number of processes, including event management, incident management, service asset and configuration management, as well as knowledge management.

In December a contract notice was also issued for a certified reseller to support and maintain its Autonomy HP document management system.

The Bank of England’s newly appointed CIO, John Finch, recently told Computerworld UK that he doesn’t believe that the organisation needs a chief digital officer (CDO) to drive a digital transformation.

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