Decision Focus, a Denmark-headquartered governance, risk, and compliance (GRC) software provider, has scooped InsuranceERM's operational risk solution of the year award.

Impressing judges with its innovative and comprehensive approach to risk management, Decision Focus stands out in the insurance sector.

The provider's platform allows clients to store risk libraries and linked controls in one connected repository. The judges also commended Decision Focus on how its technology enables risk events to be recorded by anyone in a business and managed by the risk team, as well as for offering features to clients that include customisable dashboards that summarise essential risk metrics like likelihood/impact matrices and control trends.

Another plus in choosing the winner of this award is Decision Focus's no-code platform, which enables users to quickly and simply design their risk management systems.

Decision Focus says the no-code platform requires minimal training, making it accessible for employees at all levels. It also highlights the platform's intuitive communication options and tailored notifications that keep everyone in the loop.

In a world where regulatory requirements are rising, Decision Focus also says its open API allows integrations that can meet all regulatory requirements, and this helps with all aspects of operational risk.

Looking to the future, Jeff Robinson, a partner at Decision Focus, emphasises the company's commitment to continuously enhancing its platform, particularly through leveraging artificial intelligence (AI).

Robinson explains that while some clients are cautious about AI, others fully embrace it within a governed framework.

"Governance around AI is commencing, and we see this being handled very much in the form of model risk management, given AI is essentially a model," Robinson adds.