The insurance industry is among the most influential industries in the world. As insurers have grown and have an impact upon the economy, more regulations have been enacted. These regulations are typically based on solvency and transparency in financial reporting. As the insurance industry has matured, insurers have also become concerned about their own business practices, especially risk management. Firms are seeking a manner to address these business concerns in an economic and efficient way.
Business Concerns for Insurance
Insurers must address the increased regulations being enacted and also manage their own risk concerns; reputation, solvency, and transparency. Risks must also be defined, assessed and monitored by risk managers. Insight into the current state of risk is extremely important to an insurer to make better business decisions and satisfy regulators and stakeholders alike. Insurance companies must manage a number of regulations, for example transparency in financial reporting for Sarbanes-Oxley or insurance specific regulations such as Solvency II in Europe and the Model Audit Rule (MAR) in the U.S. These initiatives create more business processes and information that must be managed, assessed and reported upon. BWise can assist an insurer with their risk management including the risk of non-compliance.
A Platform Solution for Insurance
All these programs can be managed with the BWise GRC platform. BWise enables enterprises to run their end-to-end risk management process as a normal business process. By doing so, management can make risk-based decisions. Risks are appropriately identified, and in the event that they occur, rapid and reasonable action can be taken. BWise enables timely insight into the state of risk at an enterprise. Assessments are sent directly to risk owners and they can analyze and scrutinize these assessed risks. Ultimately, insurers can mitigate the costs and time associated with compliance and risk management, creating savings and efficiencies.