Swedish Insurance Company Folksam Selects NASDAQ OMX’s BWise for
Incident Management and Operational Risk Management
GRC solution will provide real time overviews of key risk indicators and an event database with triggered
corrective action workflows
Stockholm, Sweden and New York, NY – September 11, 2014 – NASDAQ OMX’s BWise (Nasdaq: NDAQ), a global leader in Governance, Risk Management and Compliance (GRC), announced today that it has been selected by Folksam, one of the largest insurance companies in Sweden, to support their incident management and operational risk management processes. Folksam selected BWise due to its ability to provide a holistic integrated view on GRC and will initially benefit by having key operational risk insights and proper workflows to mitigate potential incidents and losses within the company.
The BWise® GRC Platform helps companies and organisations with identifying, documenting, assessing and monitoring risks. Overall dashboards with key risk indicators (KRIs) provide the management with better real time overviews of the most important risks, trends and thresholds. BWise also ensures that all relevant information regarding incidents and related events is recorded and its specific workflows can be activated for analysis.
“Registering and analyzing incidents is a legal requirement for Folksam. The system provides us with a possibility to monitor incidents and risks in a joint system, which will enable us to develop our risk management and internal control even further”, said Magnus Vesterlund, Head of Risk and Compliance department, Folksam Liv. The system will also help the staff to efficiently report incidentens. Learning from incidents is key to our work to improve our processes.
BWise covers all aspects of the end-to-end operational risk process. Based on ISO 31.000 Folksam is able to adjust the framework to the specific internal environment and compliance needs. With the scalable nature of the BWise GRC Platform, Folksam will be able to efficiently manage additional GRC initiatives in the future.
“With many large financial companies deploying BWise around the world, we are very proud of the fact that Folksam also chose BWise for their GRC initiatives,” said Robert Pijselman, Chief Executive Officer, BWise.“ This will further expand our footprint into the Nordic countries, which is already considered a strategic market for us.”
BWise is a NASDAQ OMX company and positioned by independent analysts, such as Forrester and Gartner, as a leader in enterprise GRC Platforms.