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Data Security Standards: Think you have PCI DSS licked? How about Solvency II? (Free BCS Meeting)

February 9, 2011

By Steve Gold, freelance business and IT journalist for over 20 years (@stevewgold)

Now that the electronic dust is settling on the PCI DSS rules and companies are getting used to the idea of regulatory compliance being part of the security landscape, it seems that Solvency II is starting to raise its head in security circles.

The good news is that the BCS is moving forward on the topic and has announced it is hosting a meeting on the evening of February 23 in London’s Covent Garden.

The event – entitled “Solvency II – The Next Big Data Governance Headache – Or Opportunity?”– is free to attend for members of the BCS and non-members alike.

Hosted by the BCS in association with easy2comply and SecondFloor, the event will consider the many aspects of Solvency II and data governance issues that raise their head as a result.

In case you haven’t seen or heard about this important piece of regulation, Solvency II is an EU-wide mandate that seeks to impose capital and risk management regulations on all sorts of financially-oriented businesses.

The planned implementation timeframe is two years, resulting in lots of data governance challenges for IT and business professionals appearing along the way.

During the BCS meeting, presenters will discuss data analysis issues, as well as the risk management opportunities that are likely to be encountered as the industry moves towards Solvency II’s implementation dates.

Speakers lined up for the event include Paul Latarch, a partner with Moore Stephens; John Smith, a business solutions partner & Solvency II Leader with IBM; and Toby Ducker, Solvency II programme director with Brit Insurance.

Joining the team of presenters will be Martin Knook, CEO of SecondFloor and Dave Gill, product manager for iWorks Prophet at SunGard.

The latest reports suggest there will be higher IT costs and a shortage of skilled staff as the financial industry prepares for Solvency II.

With less than two years before the rules take effect, the cost of implementing Solvency II is expected to hit the three billion euro mark across Europe as a whole – although it is worth noting that UKsville has set aside around 100 million pounds for its own IT preparations.

So why is it going to be so expensive? The high cost of Solvency II is down to the fact that the governances mandate sophisticated techniques for measuring risks and the reserves needed to cover them.

If you are interested in attending the BCS’s meeting on Solvency II, please register for what promises to be an entertaining, insightful and free educational evening at www.nlondon.bcs.org

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