The GRC Solution Will Provide Real Time Overviews of Key Risk Indicators and an Event Database With Triggered Corrective Action Workflows
STOCKHOLM, Sweden and NEW YORK, Sept. 11 (Korea Bizwire) — NASDAQ OMX’s BWise (Nasdaq:NDAQ), a global leader in Governance, Risk Management and Compliance (GRC), announced today that it has been selected by Folksam, one of the largest insurance companies in Sweden, to support their incident and operational risk management processes. With choosing BWise, Folksam will be able to provide a holistic integrated view of their GRC efforts to gain key operational risk insights and proper workflows to mitigate potential incidents and losses within the company.
The BWise(R) GRC Platform helps companies and organisations with identifying, documenting, assessing and monitoring risks. Overall dashboards with key risk indicators (KRIs) provide the management with better real time overviews of the most important risks, trends and thresholds. BWise also ensures that all relevant information regarding incidents and related events is recorded and its specific workflows can be activated for analysis.
“Registering and analyzing incidents is a legal requirement for Folksam,” said Magnus Vesterlund, Head of Risk and Compliance, Folksam Liv. “The BWise system provides us with a possibility to monitor incidents and risks in a joint system, which will enable us to develop our risk management and internal control even further. The system will also help the staff to efficiently report incidents–and learn from them–in order to improve our processes.”
BWise covers all aspects of the end-to-end operational risk process. Based on ISO 31000, Folksam is able to adjust the framework to the specific internal environment and compliance needs. With the scalable nature of the BWise GRC Platform, Folksam will be able to efficiently manage additional GRC initiatives in the future.
“We are proud to add Folksam to the growing list of large financial companies around the world deploying BWise for their GRC initiatives,” said Robert Pijselman, Chief Executive Officer, BWise. “This will further expand our footprint into the Nordic region–a growing, strategic market for us.”
BWise is a NASDAQ OMX company and positioned by independent analysts, such as Forrester and Gartner, as a leader in enterprise GRC Platforms.
Folksam is one of the largest insurance companies in Sweden and founded in 1908. The company headquarters are located in Stockholm. With 30 offices throughout Sweden, Folksam insures over 4 million customers and employs about 3.600 employees. Folksam Group’s premium income 2013 was SEK 32 billion. It’s one of Sweden’s largest investment managers with a total of approximately SEK 330 billion in assets.
Folksam is a mutual company meaning that customers are also their owners. The profit does not go to shareholders, it stays within the company and benefits for all. In co-operation with customers Folksam creates and provides a variety of solutions for insurance, savings and loans, offering high quality, the greatest possible security and the best economic benefit. Primarily Folksam satisfies the needs shared by many. Folksam’s vision is to contribute to a long-term sustainable society where the individual feels secure. Core values are security, commitment, compassion and professionalism. It guides Folksam in everything they say and do. For more information, visit www.folksam.se.
BWise, a NASDAQ OMX company, is a global leader in Enterprise Governance, Risk Management and Compliance (GRC) software. Based on a strong heritage in business process management, the BWise(R) GRC platform provides companies with highly-rated, proven software solutions for Risk Management, Internal Control, Internal Audit, Compliance & Policy Management, IT GRC and Sustainability Performance Management.
BWise’s end-to-end solutions support an organization’s ability to understand, track, measure, and manage key organizational risks. BWise helps companies truly be in control by balancing performance with their financial and reputational risks, improving corporate accountability, increasing financial, strategic and operating efficiencies. Using BWise, organizations are able to efficiently comply with anti-corruption regulations like FCPA and the UK Bribery Act, the Sarbanes-Oxley Act, European Corporate Governance Codes, ISAE3402/SAS-70, PCI-DSS, Solvency II, Basel II and III, Dodd-Frank, ISO-standards, and many more. For more information, visit www.bwise.com. Follow us on LinkedIn and Twitter.
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Source: NASDAQ OMX Group via GlobeNewswire