GRC Platform Enables Convergence of Key Risks in Internal Audit, Internal Control, Compliance and Operational Risk Management
Nasdaq's BWise (Nasdaq:NDAQ), a global leader in enterprise Governance, Risk Management and Compliance (eGRC), announced today that it has been selected by PortoSeguro, one of Brazil's largest insurance companies, to help support its new business risk management process. Porto Seguro will use BWise for Internal Audit, Internal Control, Compliance and Operational Risk Management as well as to support its new loss database for compliance with Superintendência de Seguros Privados (SUSEP), a local regulation institution for insurance companies.
The BWise® GRC Platform will not only provide the technology to support the initiative but will also help Porto Seguro adapt to the new enhanced business risk management process. The BWise solution will help standardize the methodologies across the organization, provide one source of integrated information, enable better risks and controls analysis, and streamline overall risk management.
"We now have an integrated approach allowing a convergence between the functions of Risk Management, Internal Control and Compliance," said Reinaldo Pontes, Internal Audit Manager, Porto Seguro. "Internal Audit may have its processes fully supported by the solution so that we can perform with risk-based annual audit planning and management while having an integrated 360-degree view of the company."
"In addition to the advantages of having integrated GRC risk management information, the insurance industry is heavily focused on analyzing data to identify insights on key risks and implementing workflows to mitigate the potential incidents and losses," said Lene Araujo, Director of Risk and Internal Control, Porto Seguro. "With BWise, we can easily record incidents, losses and near misses which will help us create a robust database to support our data analysis relative to SUSEP compliance. The solution ensures that all relevant information regarding incidents and related events is recorded and its specific workflows can be activated for analysis within all departments."
"We are pleased to welcome Porto Seguro to the BWise GRC community," said Luc Brandts, Head of R&D and Strategy, BWise. "As a large insurance and financial services enterprise, they understand the 'think big, start small' GRC principle very well. With an increasing number of global insurance and financial services companies in our customer base, we are able to share our knowledge and leverage experiences to more greatly benefit their mutual needs."
source : money.cnn.com