Operational risk solution of the year, ViClarity
The advent of the Covid-19 pandemic has put operational risk into sharp focus.
ViClarity won this year's best operational risk solution because it allows insurers to track and manage all of their audit, risk and compliance in one system. Its intuitive platform structure and extensive capabilities have helped clients to manage their operational risk exposures in challenging circumstances.
ViClarity can customise systems to suit each business and helps tackle the heavy regulatory focus on accountability. For example, reports can be tailored to client need, and a colour-coded dashboard enables risk officers to monitor risks and mitigation controls over time, location and business area.
The dashboard also contains comprehensive performance metrics – captured in real-time – for each month, risk area, individual or group of risks or controls.
The software has also been praised for enabling organisations to automate their risk registers, control attestations, KRI tracking and operational risk events on the system. It also allows all these modules to be linked, allowing risk owners to have a full picture of all risk metrics and is configurable with Excel or Word-based workflows.
Operational risk is just one module within the overall governance, risk and compliance platform, and others include compliance management, policy management and vendor management.
In 2020, ViClarity merged with Policyworks a regulatory consultancy and services firm headquartered in Des Moines, Iowa. Through this merger, ViClarity is now also working with many US Insurance organisations.