Traceability and Governance with addactis® IBNRS®

Audit trail helps actuaries track and monitor every modification from report conception to the present day. It gives them full visibility of the project that is essential to take the best decisions.

This tool enhances traceability and internal controls, protects the project against security breaches and internal frauds by stopping unauthorized user activity.

Without an audit trail, it will be very difficult to follow the modifications, to verify the adjustments of the formulas and the complex calculations and to avoid errors in the Chain Ladder method.

Read the article to discover why you should move from Excel® to an advanced Reserving solution and how addactis® IBNRS® tracks changes and helps strengthen security in your actuarial tasks.

If you are not using the advanced version of Excel, you do not have the Track Changes feature to detect and follow the changes of your worksheet. So, the changes made to the sheet will blend in with the original content without having a clear vision of what has been modified and updated.

Therefore, tracking changes made by multiple users may contain missing information, which automatically makes reviewing the spreadsheet quite difficult with an incomplete history.

The only solution in this case is to put comments in the cells after each modification but it’s not practical and requires significant effort.

So, that is why some actuaries find difficult on Excel® to secure their data and maintain robust and reliable reserving process and start to think about switching to an advanced reserving solution.

addactis® IBNRS® offers advanced tracking, audit trail and version management tools that can facilitate traceability and improve efficiency and security, as follow:

• Tracing all the manipulations carried out by users.
• A sign-off and freeze option allow the company to ensure the governance of the reserving process.
• Definition of user groups with access to only a certain subset of the data.
• Definition of user profiles with specific rights: read-only, read-write on certain segments, read-write on the entire project, administrator

If you move from Excel® to an advanced Reserving solution, you be able to track changes and strengthen security in your actuarial tasks.

addactis® IBNRS has multiple advantages in the traceability of your quantifications. However, it is not the only advantage.

Discover addactis® IBNRS® other benefits in the following articles and learn how our software can help actuaries need to optimize time management, automate your reserving process and enhance reliability, efficiency and data security.