Risk management software aids Solvency II compliance
Risk management software from IBM is being used to improve the management of operational risk and support the requirements of Solvency II at an employee benefits firm.
Unum is using IBM Open Pages software to assess all internal and external risks and ensure it has sufficient cover for them. The software, which combines risk data self-assessments, end user surveys, loss events, scenario analysis and key risk indicators provides an automated workflow and dashboards to provide the visibility, control and decision support to analyse, manage and mitigate risk.
Kevin Borrett, UK head of risk at Unum, explained: "We need to ensure we meet regulatory requirements. We searched for an integrated solution that helps us better understand and proactively manage the risks that can impact our business, both at the corporate and divisional levels. IBM Open Pages provides us with a powerful reporting and analysis solution which enables us to better manage risk and make more informed decisions across the enterprise. It offers a true holistic view of risk within our organisation and helps to embed risk management and governance into our overall corporate culture."
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