Design of a Risk Reporting solution of an Insurance Group
Insurance and financial group with over 5 billion in premium income
The CRO Area has requested the support of MACFIN to strengthen the framework of analysis and management of business risks through the implementation of a Risk dashboard supported by an IT solution in order to optimize the internal processes and reporting activities to corporate units.
Goals
Rationalize and simplify
reports on risks and capital absorption to Corporate units
Support the activity of the CRO Area
in the coordination of second-level control functions and in the consolidation of risk information
Strengthen risk analysis, management and control skills
by the top management, supporting the Risk Dashboard system, the process of identification, assessment and definition of possible mitigation measures
Activity
Preliminary analysis
of the risk management system with particular reference to the databases and tools used for reporting and monitoring of corporate risks
Design of a reporting template
integrated risks (structure, contents, valuation metrics, capital requirements, etc.) and preparation of a "Pilot Report" to be submitted to the Corporate units
Definition of the organizational framework
for the management and periodic updating of the Risk Dashboard (i.e. roles and responsibilities, methodologies, methods of consolidation and compilation of the data structure, etc.).
Support in defining functional requirements
of the IT tool to be used for the production of the Risk Dashboard, analysis of possible implementation scenarios (i.e. "make or buy") and support internal structures during software selection
Results
Rationalization and simplification of information
on risks addressed to top management (at a consolidated and individual entity level) in order to promote an integrated vision to support the assessment, guidance and control of mitigation/optimization actions
Higher integration and coordination
of the Fundamental Control Functions, in particular the second level
Optimization of the risk reporting process
with a considerable reduction in the production time of reporting and the exposure to operational risks (i.e. material mistakes, database duplication, etc.)
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