Insurance companies have emerged from a period of market uncertainty and are now looking at different, innovative ways to address increasing regulatory requirements.
Many companies are aiming to achieve added value through governance, risk and compliance initiatives that embed rules, processes and controls aligned with the organisation’s operating policies and strategic objectives. Automation of risk and compliance processes is crucial for staying current in the changing environment.
Opportunities exist for those insurance companies with the capacity to turn risks into rewards. However, tighter controls need to be in place for their overall risk portfolio to deal with the emergence of new and yet-to-be-understood risks, such as those associated with financial markets, rapid change in laws and regulations, information security threats and market instability.
Industry GRC Requirements
Health Insurers require a GRC solution to meet their risk and compliance needs as prescribed by regulatory authorities. Strategic and operational risks with associated controls can be captured in central libraries to provide a single platform for risk and control assessments. Assessed risks can then be linked to key metrics to support risk appetite statements.
Risks and controls can also be linked to the incident recording process and internal audit findings to present a more fluid picture of the incidence of risks. The flexible form builder allows online capture of other information such as fraud, significant outsourced arrangements, and business continuity plans to be captured.
Obligations and compliance requirements are captured in a systematic manner through the creation of an obligations register, attestations and a compliance breach capture process. All information can be work-flowed with our flexible workflow engine and our integrated business intelligence tool allows stunning visualization of the data into flexible dashboards and reports.
TriLine GRC Solutions/Outcomes
TriLine GRC is a flexible, intuitive online solution that allows organisations to spread the management of risk and compliance across their businesses whilst maintaining control. The system allows organisations to choose how much information their staff need to see and controls access via a configurable security system.
TriLine GRC also offers businesses the capacity to spread reporting of events and incidents across their teams without requiring all to be system users. Ultimately TriLine GRC draws all elements of the GRC need together in one powerful but simple solution.