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Governance, Risk and Compliance Solutions for Insurance Industry | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory requirements for the insurance industry have increased significantly and this trend is expected to continue in the coming years. Until the economic downturn, the different functions within an insurance company responsible for collaborating on a governance, risk and compliance strategy had maintained different technology budgets and systems within their silos. GRC is now being presented within an organization with the head of audit, operational risk management, credit risk management, geo-political risk management, compliance and legal all in the same room. US insurers are also facing a toughening compliance burden from the 50 US state regulators that monitor the prices at which insurance firms set their premiums, influenced by costs and operational risks such as litigation and fraud. Take-up for GRC has been noted by insurers in the European Union facing increased requirements under the EU's Solvency II risk-based regulation. Numerous other insurance regulatory compliance mandates like SOX Model Audit Rule (MAR), Insurance Supervision Law, GLBA, AML from national and regional supervisory authorities - like NAIC, CEIOPS, FSA, BaFIN are compelling insurance companies to streamline and synergize processes. The insurance industry is now looking at an integrated GRC process and architecture for meeting the changing environment. The MetricStream solution for Governance, Risk and Compliance (GRC) plays a key role in enabling insurers to achieve these objectives through a unified and adaptable system bringing a clear and unambiguous approach to GRC processes through automated workflows and centralized information management. With MetricStream, you can document, track and manage GRC initiatives at all organizational levels for business functions as well as IT processes fulfilling insurance regulatory compliance requirements and implementing effective risk strategy with a reliable control systems and internal auditing activities. MetricStream offers industry's most advanced and comprehensive suite of solutions designed to meet the GRC needs of Insurance companies at multiple levels. The MetricStream solution suite for the Insurance industry provides the following key components:- Risk Management: The insurance industry combats with different types of risks like actuarial risks, credit risks, catastrophic risks and several others. The Enterprise Risk Management solution from MetricStream enables Insurance organizations to identify, assess, quantify, monitor and manage their enterprise risks in accordance with industry standards. It brings together all risk data – risk and control assessments (RCSA), automated alerts, data feeds, risk libraries, risk analytics, key risk indicators (KRIs), loss events, risk heat maps, trend charts and compliance dashboards – that provides increased enterprise-wide transparency into the risk management process and highlights issues that need remedial actions. Recent regulations like Solvency II require insurers to deploy an effective risk management framework and the MetricStream solution provides this capability. Compliance management: MetricStream Compliance Management solution provides a common framework and an integrated approach to manage all compliance requirements faced by insurance companies based on embedded best practices for meeting regulatory guidelines like Solvency II, NAIC-MAR, GLBA, AML, KYC etc. With automated information flows, assessments and testing, and remediation assignments, the MetricStream solution ensures consistent compliance and controls process across the enterprise eliminating any deviations and errors as well as redundant activities resulting in reduced over-all compliance costs. Real-time compliance dashboards and heat maps provide enterprise-wide visibility into the compliance management process highlighting issues that need to be addressed. Audit Management: MetricStream Audit Management solution helps companies manage a wide range of audit-related activities, data and processes. The audit management software provides the flexibility to support all types of audits, including internal audits, operational audits, IT audits, supplier audits and quality audits. The Audit Management system provides end-to-end functionality for managing the complete audit lifecycle including audit planning and scheduling, development of standard audit plans and checklists, field data collection, development of audit reports and recommendations, review of audit recommendations by auditees and management and implementation of audit recommendations and remediation. Issue Management: Managing issues related to customer, claims, audit, risk, compliance, IT systems, loss-events, and process deviations is one of the central functions of an insurance organization's compliance, risk, audit and quality management units. The issue management solution supports identification and evaluation of issues as well as investigation and tracking leading to an elaborate remediation or corrective action process. The powerful analytics along with issue tracking and reporting functionality with graphical dashboards give managers complete real-time visibility into the quality and compliance system and provide critical information for reducing the risk of noncompliance. Policy Management: The solution enables insurance companies to adopt an electronic and automated approach to development, maintenance, and communication of policies and procedures across the enterprise. The web-based system provides a central repository to store and organize policy and procedure documents. Integrated collaboration and workflow tools can be used to access, create, modify, review, and approve policy and procedure documents globally in a controlled manner. Built-in tools support policy implementation, acceptance, exception tracking and mapping of policies to compliance requirements. The powerful analytics and reporting capability with graphical dashboards to track each policy from origin to obsolescence gives managers complete visibility into the system. Training Management: Various compliance regulations in the insurance industry will require the senior management and other stakeholders to get trained on the compliance requirements to meet the compliance goals. MetricStream Training Management is a comprehensive solution that enables effective management of the overall training process by maintaining course offerings and course descriptions for easy review by employees and managers, scheduling classes, providing feedback on instructors and course material effectiveness, maintaining training records and conducting gap analysis to ensure regulatory compliance. The powerful analytics and reporting capability with graphical dashboards to monitor training programs and effectiveness gives managers complete real-time visibility into the organization's training system.
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