Traceability and Governance with a Reserving Solution

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 a Reserving solution to better track changes and enhance 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.

A Reserving Solution has multiple advantages in the traceability of your quantifications. However, it is not the only advantage.

Discover the other benefits of a Reserving Solution in the following articles. Learn how it can help actuaries optimize their time management, automate their reserving process and enhance reliability, efficiency and data security.