The past few years have delivered a challenging market environment to insurers around the globe and with upcoming regulations such as the Model Audit Rule introducing new requirements for insurers, the imperative for superior, focused risk management has never been greater. Global competition, escalating claims, investment losses, and enormous regulatory pressures are all challenging insurers to compete efficiently and effectively to manage uncertainty and protect shareholder value.
OpenPages works with insurers across the globe enabling them to eliminate risk and compliance silos, manage risk across the business, sustain compliance across multiple regulations, and embed these activities into their core business practices. OpenPages can help you:
The NAIC Annual Financial Reporting Model Regulation (Model Audit Rule) was introduced in 2004 in response to CPA firms citing significant deficiencies in internal controls for insurance companies looking to achieve Sarbanes Oxley compliance.
Effective January 1, 2010, in addition to annual audited financial statements, under the Model Audit Rule accountants will be required to report “significant deficiencies” that arise as part of a financial statement audit. OpenPages works with insurers to meet new and evolving regulations such as the Model Audit Rule and enables insurers to execute disciplined risk and compliance programs that deliver sustained compliance.
From the regulators to the ratings agencies, the pressure is on to deliver a comprehensive, enterprise wide approach to manage risk. To meet these challenges, insurers are beginning to develop, deploy and mature enterprise risk management programs that connect the dots between and among operational (Solvency II), technology, strategic and regulatory risks.
Beyond the external pressures, however, are clear mandates from the highest company officials. Visibility into the management of risk in relation to appetite statements and defined tolerances has been difficult to produce, due to the lack of coordinated risk management efforts. Executive management and board members want a deeper understanding of how risk is being managed in their businesses and, in particular, how to manage risk to create the greatest reward for their shareholders.
OpenPages has helped leading insurers worldwide to leverage risk management strategies to improve their business performance. The OpenPages Platform enables insurers to execute disciplined risk and compliance programs to manage unexpected outcomes and to reduce the impact of realized risks when they do occur.
OpenPages solutions provide enhanced visibility into the risk landscape, enabling business managers to make smarter decisions that maximize value, reduce costs and balance risk and returns. OpenPages allows organizations to achieve their strategic goals for both existing business processes and new initiatives, while avoiding hazards and shocks along the way.
For questions or for more information on OpenPages' Enterprise GRC Management solutions, please click here or call us at 781.693.5999.
