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Insurance
Delivering GRC Intelligence
Over the past few years, insurance organisations around the globe have recognised the significant business value that enterprise risk management can create. These firms have also seen that they are exposed to a wide range of operational risks – internal and external – which need to be better understood. Insurance customers of aCCelerate GRC are able to:
- Create a single, golden source for quantitative and qualitative GRC information across the business, to better connect risk appetite to business strategy and goals.
- Undertake Own Risk and Solvency Assessments (ORSAs) across the organisation to determine potential threats to the firm’s ability to meet policy-holder obligations, including credit and underwriting risks, market risks, liquidity risks, and operational risks.
- Perform claims management and complaints handling through incident management functionality. Deliver up-to-the minute dashboards and reports on how well these issues are being handled.
- Manage relationships with vendors and third parties more efficiently. Track KPIs and KRIs within complex affiliations across different business teams and geographies.
- Complete scenario analysis workshops to better understand how key ERM risks will impact the firm’s risk profile and ability to meet its strategic goals.
- Calculate operational risk capital for Solvency II purposes, as well as economic capital. Align capital with the organisation’s risk appetite and business lines.
- Report on risks, controls, KPIs, loss events, and other metrics to key business stakeholders. Become more agile and better able to meet competitive threats from digital players through increased transparency.
aCCelerate GRC’s powerful platform enables insurance firms to deploy the software to meet a wide variety of use cases. From reporting on operational risk and ERM to ensuring complaints handling is compliant, insurance firms are able to configure aCCelerate GRC’s workflows and data flows quickly and easily. This agility helps op risk and ERM teams to help deliver more business value.
