Risk Management and Internal Control – Bank and Insurance
Challenges
Banks and insurance companies have to strengthen their risk management and internal control processes in order to meet key challenges:
- Comply with the ever increasing number of regulations in the banking (Basel II, central bank regulations) and insurance sectors (Solvency II, local authority regulations)
- Face a larger scope of risks beyond traditional risks: operational risks, non-compliance risks
- Meet the stakeholders’ expectations in terms of transparency and reporting: regulators, financial markets, clients
Our solution
Our solution brings an answer tailored to the needs of Financial Services for their project in the area of operational risk management, internal controls, and compliance.
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Risk mapping and mitigation
The solution enables risk management teams to identify, analyze, assess operational risks within their organization. They may also define and follow up a set of risk mitigation actions. -
Loss event database
RVR enables to build up a database of loss events by completing for each event the requested information (Ex : entity, date, loss amount...). -
Monitoring of internal controls
Recurring controls can be planned by entity, by frequency, by owner. Each control owner may input his/her control results. Indicators of execution and compliance can be analyzed and consolidated by entity, process, risk, … -
Regulatory compliance
Our solution enables to define regulatory frameworks, assess the organization’s compliance, and manage the changes in regulations and their impacts. -
Analysis and reporting
Each module includes dashboards and customizable reports allowing to analyze information and communicate efficiently.
