Many companies are aiming to achieve added value through governance, risk and compliance initiatives that embed rules, processes and controls aligned with the organizations operating policies and strategic objectives.
Automation of risk and compliance processes is crucial for staying current in the changing environment.
Many companies are aiming to achieve added value through governance, risk and compliance initiatives that embed rules, processes and controls aligned with the organisation’s operating policies and strategic objectives. Automation of risk and compliance processes is crucial for staying current in the changing environment.
Opportunities exist for those insurance companies with the capacity to turn risks into rewards. However, tighter controls need to be in place for their overall risk portfolio to deal with the emergence of new and yet-to-be-understood risks, such as those associated with financial markets, rapid change in laws and regulations, information security threats and market instability.
Insurers require a GRC solution to meet their risk and compliance needs as prescribed by local and global regulatory authorities. Strategic and operational risks with associated controls can be captured in centralized library to provide a single view platform for risk and control assessments.
Assessed risks can then be linked or associated to key metrics to support risk appetite statements. Similarly, risks and controls can also be linked to the incident recording process and internal audit findings to present a more fluid picture of the incidence of risks. The ServiceNow's flexible form builder allows online capture of other information such as fraud, significant outsourced arrangements, and business continuity plans to be captured.
Obligations and compliance requirements are captured in a systematic manner through the creation of an obligations register, attestations and a compliance breach capture process. All information can be work-flowed with ServiceNows' flexible workflow engine and integrated business intelligence tool allows stunning visualization of the data into flexible dashboards and reports.
See it for yourself : To see how Rede's solution could improve your own business’s GRC management, request a personal demonstration today. Contact our team at info@rede-consulting.com.
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