It takes consistency and a great company culture to complete the double, and that is what Decision Focus has done by winning the operational risk solution category for the second year in a row.
The Danish-headquartered governance, risk and compliance software vendor won the award because the judges agreed it has significantly enhanced insurers' risk management capabilities.
Decision Focus explains these improvements are evident in many areas, including increased risk event reporting, shortened periods for risk and control assessments, and drastically reduced committee report drafting from three weeks to one week.
The provider also offers a no-code platform so users can quickly and simply design their risk management systems.
InsuranceERM's judges were also impressed by Decision Focus's integrated approach to risk management. For example, it has a module for business continuity planning and operational resilience in order to support an enterprise model in scoping and mapping dependencies and resources, and providing business impact analysis.
Jeff Robinson, a partner at Decision Focus, tells InsuranceERM: "We are delighted with these awards which truly showcase our integrated assurance. By its nature, operational risk encompasses a broad spectrum of an insurance company applying to areas including business continuity planning, operational resilience and information security. Our fully integrated GRC platform helps clients with all of those different topics in a holistic manner."
Asked how clients have benefitted from this fully integrated platform, Robinson says: "All GRC topics are connected – for example, operational resilience has a strong link to third party risk management, where suppliers are a key resource supporting important business services. Furthermore, operational resilience draws from ERM frameworks whereby risk incidents and key risk indicators provide relevant information again in relation to important business services."
Robinson also attributes the award win to the company's highly experienced and effective team. "It is inspiring to work with such amazing staff, in addition to working in partnership with excellent clients."
