Each step is a controlled record with an owner, a status and a link to the step before it. A reviewer can enter at any point and walk the chain in either direction.
Exposure, claims, market and reinsurance data are versioned the moment they land. Raw files are kept exactly as received. Cleaning happens downstream, in recorded steps, so the original evidence can always be inspected.
Every assumption is owned, dated and justified before it can enter a run. A change creates a new version. Approved assumptions are never edited in place.
Every run is permanent and uniquely identified. It records the model version, input version, random seed, simulation count and risk measure, plus digital fingerprints of the exact inputs and code. Reconciliation checks travel with the result: gross equals ceded plus net, allocated capital sums to total SCR, and diversification reconciles.
Passing technical checks is not approval. STEER keeps technical pass, awaiting review and approved as separate states. A record moves between them only through named actions, each with a recorded reviewer, date and rationale.
The plan or allocation the board adopts, linked to its scenario and its supporting run.
Every governed run follows the same path:
No one can skip a step or type a new status into a cell. A failed run stays visible in the history, but it can never support an approval. Model results are written only by the model. No one can edit them by hand.
Solvency II asks firms with an Internal Model to show it is governed, validated, documented and genuinely used to run the business. STEER is designed around those expectations, not retrofitted to them. It evidences your governance framework; it doesn’t replace it.
Insurers classify model changes by significance: major changes need supervisory approval, minor ones are logged and reported. STEER records every change to assumptions, inputs or code as a new version with its owner and rationale. Your change log builds itself as you work.
Validators need to see what changed, what ran and whether it reconciles, without asking the capital team to rebuild the story. STEER gives validation read access to the same chain the business uses: versioned inputs, permanent runs, saved checks and the full decision history.
Regulators expect the Internal Model to inform real decisions, not sit beside them. STEER captures that use directly, because every management decision links to the model run that supported it.
Run records, reconciliations, review notes and approvals are captured as the work happens. The evidence pack for a submission or model change application is assembled as a by-product, not a quarter-end project.
Any figure in a board paper resolves back through its sign-off, its run and the data it stood on.
A board paper states that growing Cyber by £50m adds £5m of capital. (Illustrative figures.)
Five clicks from the board paper to the data. No one has to reconstruct anything.