Fraud and Financial Crime can occur in a number of sectors and Insurance Firms are no exception to this negative trend.
The regulatory environment engulfing Insurance Firms is burdened with a magnitude of controls and regulations aiming to minimise and mitigate risk. Hence the need posed is to have processes that bring in radical and effective procedures in Know your Customer. Assessing Risks definitely adds to the goodwill of organisation and protects Insurance Firms against the damaging effects of Anti – Money Laundering activities that can deem hurtful to a an organisation’s brand name.
An additional challenge that is encountered within the business setting of Insurance Firms is the density of processes between various departments. Hence, a need is posed to have a representation of the business environment of business firms taking into account not only risk and compliance factors but also parameters relating to incidents occurrence as well as Internal Audit processes.
The Solution of Governance, Risk and Compliance Software Solution (RCMS) developed by iSPIRAL offers great insights and control mechanisms both in relations to Risk, Compliance, Internal Audit, Incident Management, securing a risk based approach in managing and mitigating Risk.