The new Risk and Controls module for insurance helps insurers better understand and evaluate the status of risk across their entire organization.
Insurers can analyze risk by business unit, risk category or region; prioritize remediation of the most urgent issues; and address risk before the associated issues become problematic. Insurers must consider the requirements of regulators, who want to confirm that insurers have sound compliance and risk assessment processes, as well as ratings agencies and analysts, who expect insurers to have an ERM process in place to document control environments and risk assessments.
"Insurers are not only feeling pressure from external parties, but internal stakeholders as well, such as boards of directors who are requesting increasing degrees of financial disclosure and transparency," says Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services' enterprise risk compliance business. "Our enhanced risk and controls module helps insurers make informed decisions about risk across multiple business areas and track and prevent issues that have the potential to impact an organization's risk profile."
The compliance risk and control libraries are based on analysis of commonly-used regulatory examination standards. The ARC Logics for Financial Services insurance compliance risk management framework is organized around the structure of the NAIC Market Regulation Handbook, which provides insurers with a risk management approach that is aligned with examiner expectations.
This solution combines the technology of ARC Logics with industry content, regulatory content, and the expertise of Wolters Kluwer Financial Services. ARC Logics for Financial Services enables organizations to efficiently manage compliance risk, operational risk and audit.
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