RFP News

Published on Oct 20, 2010

Wolters Kluwer Financial Servicesannounced that it has embedded specific compliance and regulatory intelligence most relevant to the U.S. insurance industry into its enterprise risk management (ERM) technology platform, ARC Logics for Financial Services. The new Risk and Controls module for insurance helps insurers better understand and evaluate the status of risk across their entire organisation.

Insurers can analyse risk by business unit, risk category or region; prioritse remediation of the most urgent issues; and address risk before the associated issues become problematic. These are all critical components in building an effective ERM process—a task that has become more comprehensive and increasingly challenging in the insurance industry. 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,” said 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 organisation’s risk profile.”

This solution combines the proven technology of ARC Logics, a Wolters Kluwer business, with industry content, regulatory content, and the expertise of Wolters Kluwer Financial Services. ARC Logics for Financial Services enables organisations to efficiently manage compliance risk, operational risk and audit.

ARC Logics for Financial Services is a modular integration of four key risk management components: Policies and Procedures, Risks and Controls, Program Management and Audit. Together, the modules provide a common collaborative platform to monitor, measure and manage compliance and operational risk across all business lines and legal entities. With ARC Logics for Financial Services, organizations are able to fulfill immediate enterprise risk management objectives in a targeted, cost-effective manner while concurrently building an enterprise wide program.**

Source: Business Wire

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