GRC Solutions for Insurance
Regulatory requirements for the Insurance industry are on the rise from both state and federal agencies. In addition to the increasing regulations, customers and clients are requiring more service, while management and investors are requiring greater ROI from software, services, and systems to show greater profitability. These regulations and pressures are compelling insurance companies to streamline their processes.
With the Quantivate Governance, Risk, and Compliance software suite for insurance companies it is easy to integrate distinct yet interdependent disciplines such as business continuity, third party risk management, information and IT security, audit management, regulatory compliance, and enterprise risk management. Quantivate’s true SaaS platform is designed to allow seamless data integration between the various Quantivate GRC modules. Its flexible design allows the solution to scale to the GRC needs of your organization.
With the Quantivate GRC solutions, insurers can document, track, and manage all GRC initiatives at all levels of the organization. The Quantivate solutions will help insurers implement reliable and cost-effective GRC processes for risk management, internal audit, business continuity, third party management, IT and information security, and regulatory compliance.
The Quantivate GRC solution will help insurance companies meet new and changing NAIC Model Audit Rule, Solvency II, GLBA, AML, ORSA, CFPB, HIPAA, State Exchange rules, Market Conduct Regulations, and many other regulatory requirements.
Quantivate GRC modules:
Do you know who you are doing business with? In today’s marketplace, insurers are relying on an ever-increasing number of third parties for essential business functions. This opens the organization to greater risk levels than ever before. In addition, regulators such as OIG, OCC, FFIEC and others are increasing their focus on third party risks. These regulators want insurance companies to identify potential third party risks, verify third parties you do business with are compliant, and monitor changes that can create new risks. The Quantivate Third Party Risk Management solution helps insurance companies meet these critical requirements.
Quantivate’s Third Party Management Solution for insurance companies includes:
- Centralized file library for third party data and contract management
- Third party and vendor risk management and due diligence
- Easy to use dashboard interface
- Comprehensive and customizable reporting
- Work Flow management
With data breaches increasing at an explosive rate customer data and IT security is becoming more and more important everyday. Today, more regulatory bodies are requiring high levels of information and data security than ever before including HIPAA, GLBA, and CFPB. Quantivate IT GRC manages the IT requirements for regulations, embeds them into IT policies and communicates the policies throughout the organization, ensuring compliance. Quantivate IT GRC is a fully configurable software platform that fits most organizations and IT environments and provides on-the-fly software customization to adapt to changing security programs and regulatory needs.
Quantivate IT GRC:
- Helps you create, measure, monitor, and manage IT programs based on leading control frameworks.
- Enables you to build a risk profile of the IT landscape in relation to the business.
- Contains embedded content based on standard frameworks and regulations such as COBIT, ISO 27002, SOX, FFIEC, PCI, GLBA, HIPAA and NERC
- Provides access to harmonized controls that cover various compliance requirements including SOX, FFIEC, PCI, FISMA, GLBA, HIPAA, NERC, NIST, FedRAMP, BITS, GAPP, Jericho Forum, ITIL, SEI CMM, and SANS 20 Critical Controls
Quantivate Regulatory Compliance Manager (RCM) provides a strong software solution for compliance managers to manage a wide variety of regulatory and compliance processes and ensures accountability throughout the organization. The software delivers key features to monitor pertinent regulations and other requirements, organize compliance documentation, run risk assessments, and demonstrate proof of compliance through robust reporting. The solution helps organizations remain compliant with Solvency II, NAIC-MAR, GLBA, HIPAA, CFPB and other regulatory bodies.
The Quantivate Regulatory Compliance solution for Insurance companies allows an organization to:
- Perform a Risk Assessment on regulatory changes to identify gaps in compliance and determine the priority of implementation.
- Create compliance task management and automated workflows.
- Map and apply all regulatory requirements to applicable policies, controls, and processes.
- Provide Compliance and Risk reporting for all levels
- Review the impact to the organization of compliance changes
The insurance industry faces many different types of risk including actuarial risks, credit risks, and catastrophic risks. The Quantivate Enterprise Risk Management solution for insurance companies enables insurers to identify, assess, quantify, monitor, and manage risks in accordance with industry best practices.
The Quantivate ERM Solution for Insurance companies includes:
- Risk heat maps
- Risk and control assessments
- Automated alerts
- Risk analytics
- Key performance indicators (KPIs)
- Key risk indicators (KRIs)
The Quantivate Internal Audit solution helps insurance companies manage a number of important Audit related activities. Quantivate Internal Audit software’s end-to-end functionality for managing the internal audit process provides audit management throughout the life cycle of each audit. Including:
- Centralized digital library of all audit plans, workpapers, findings, reports, and follow-up
- Graphical dashboard interface of audit activities, statuses, and results
- Audit task management and scheduling
- Risk Assessment
- Creating, managing and analyzing customizable online questionnaires
- Auditor/resource skillset database
- Resource planning and time tracking (Hours & Costs)
- Extensive customizable reporting
When disaster strikes are you going to be there to answer your customers’ call? The insurance industry is uniquely situated to understand the need for robust business continuity management planning (BCMP) and disaster recovery (DR) solutions. The ability to continue operations in the face of an incident is a key to business success in the insurance industry. With growing state and federal regulatory requirements and a growing emphasis on governance, more insurance companies are embracing business continuity.
Whether it’s serving existing customers, billing, paying claims, or generating new business, the Quantivate Business Continuity Solution helps your organization remain competitive when an incident occurs.
Quantivate Business Continuity Software Solution for Insurance companies includes a full BC solution for:
- Risk Assessment (Threat and Vulnerability Analysis)
- Business Impact Analysis (BIA)
- Strategies and Solutions Development
- Plan Development
- Plan Maintenance
- Emergency Notification (SMS, Email, Voice Broadcast)
- Incident Management