The awards, organized by Incisive Media’s publication Insurance Risk, acknowledge best practice and innovative thinking in risk management
Wolters Kluwer Financial Services announced today that it has won ‘best regulatory reporting package’ and ‘best operational risk management software package’ at the 2012 Insurance Risk awards. The awards, organized by Incisive Media’s publication Insurance Risk, acknowledge best practice and innovative thinking in risk management for the insurance sector, and are assessed by the publication’s panel of expert judges.
The global bank completed a successful implementation of Wolters Kluwer Financial Services’ regulatory reporting solutions for Singapore and Malaysia regulatory reporting requirements earlier in 2012. This positive experience was one of the key reasons the bank opted to extend its relationship with Wolters Kluwer Financial Services to comply with ADF requirements.
“The caliber of entries for the Insurance Risk awards was very high this year,” said Michael Faulkner, Editor at Insurance Risk. “Wolters Kluwer Financial Services demonstrated with their deep domain expertise that they have solutions tailored to the insurance market that can effectively help firms overcome the complex and ever-evolving regulatory requirements such as the impending Solvency II rules.”
Both of the award winning solutions are featured within Wolters Kluwer Financial Services’ comprehensive Solvency II solution, that enables insurance, reinsurance and bancassurance firms to fulfill all three pillars outlined in the Solvency II regulatory requirement.
Wolters Kluwer Financial Services’ Regulatory Reporting solution for the insurance industry provides firms with a global data model capability, a standardized integral development environment, fully integrated calculation capabilities, and a global runtime engine which provides a clear process to help satisfy the entire directive’s reporting requirements. The solution allows for local reporting efficiently and consistently for any jurisdiction. Through core expertise and a software platform established for the banking sector, Wolters Kluwer Financial Services has adapted its reporting capability for insurance firms and the Solvency II directive.
The Operational Risk Management solution assists firms in calculating and reporting their Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) together with other reports that will be required as part of the Solvency II disclosure and reporting facet. This includes the Quantitative Reporting Templates (QRT), Report to Supervisors (RTS) and Solvency and Financial Condition Report (SFCR). Wolters Kluwer Financial Services’ Enterprise Risk Management solution allows insurers to adapt their operational risk management into an ERM system as required under Solvency II. The system helps risk professionals achieve and sustain an optimal level of performance with a holistic view of operational risk, compliance and corporate governance across the organization.
“Insurers are faced with regulatory requirements that are unique to them, so it is essential that the risk and regulatory reporting software they implement has the expert knowledge thoroughly embedded within it,” said Raffi Festekjian, CEO Finance, Risk & Compliance at Wolters Kluwer Financial Services. “This is a key factor within the Regulatory Reporting and Operational Risk Management solutions that have been recognized in the Insurance Risk awards and also within our entire solution suite.”
Festekjian added, “Not only are the awards a testament to our strong expertise and knowledge of the sector and the regulatory requirements, but they also add endorsement to the fact that we are fully equipped to assist and advise insurance firms on their Solvency II strategic plans.”