The Prudential Regulatory Authority’s (PRA) recent report into data processes made a number of recommendations for better data management. But its findings are not strictly just for those companies applying for internal model approval, data management is fundamental to the wider risk management function – particularly in a Solvency II environment – and there are lessons to be learnt by the industry as a whole.

Here, we summarise the key findings of the report and show how Willis Towers Watson’s DataValidator software can help companies validate, cleanse and transform their data – to better meet the challenges highlighted by the PRA’s report.