Type of solution
BWise, a NASDAQ OMX company, helps companies worldwide track, measure and manage key organisational risks, including the risk of non-compliance, by offering governance, risk and compliance software and services.
Description of solution
Based on a strong heritage in business process management, the BWise GRC platform provides companies with solutions for risk management, internal control, internal audit, compliance & policy management, IT GRC and sustainability performance management.
BWise's end-to-end solutions support an organisation's ability to understand, track, measure, and manage key organisational risks. BWise helps companies be in control by balancing performance with their financial and reputational risks, improving corporate accountability and increasing financial, strategic and operating efficiencies. Using BWise, organisations are able to efficiently comply with anti-corruption regulations like FCPA and the UK Bribery Act, the Sarbanes-Oxley Act, European corporate governance codes, ISAE3402/SAS-70, PCI-DSS, Solvency II, Basel II and III, Dodd-Frank, ISO standards and many more.
BWise is fully web-based. For navigation a browser is needed.
Date first developed
1994.
Was the solution developed specifically for the insurance industry?
No.
If not, is the solution designed for both banks and re/insurance companies?
Yes.
How much is your own technology and how much is adapted or licensed from others?
BWise has been a self-developed software since the beginning. The reporting engine within BWise is business-object-based.
Does your solution integrate with third-party systems or in-house systems?
BWise Integration Services (BIS) allows the system to interface with practically any other source system. After mapping the source system attributes to the correct BWise attributes once. BIS can automatically load external data and their attributes on any given interval.
Furthermore BWise offers comprehensive ERP system integration capabilities via optional module continuous controls monitoring (CCM) with fully automated exception handling, email notification and trigger alerts.
Describe any features specific to insurance and specific to Solvency II
BWise has developed an approach for embedding the required risk management, enhancing managerial control significantly. BWise also supports monitoring ORSA processes. The system assists managers and employees to identify risks, realize transparency, monitor risks and embed risk management into the organisation..
In addition to cost savings, using the BWise solution enables insurers to identify potential business process improvements and create in-depth reports for management. Insurance companies can use the BWise GRC platform for the operational risk management of pillar 2 and for its required compliance and audit functions.
Types of user
Types of company/organisation
Energy & utilities, financial services, insurance, manufacturing, pharmaceuticals & chemicals, services, others Clients include Adidas, AEGON, Ahold, AngloGold Ashanti, Connexxion, Health Alliance Plan (HAP) of Michigan, LeapFrog, Liebherr, Marathon Oil, Southern Company, Swiss Life and Transcontinental.
Types of users within companies/organisations
Audit, compliance, risk, sustainability management, board and entity management, etc.
Ares/countries with the most users
Most of the customer accounts are located in Benelux, Germany, Austria, Switzerland, North America, UK, Southern Europe, Nordics, MENA and Latin America.
Contact person(s) and details
Name: Jan-Cees Polderdijk
Tel: +31 73 64 64 915
Email: [email protected]