NASDAQ OMX's BWise (NDAQ), a global leader in Governance, Risk Management and Compliance (GRC), announced that it has been selected by Folksam, one of the largest insurance companies in Sweden, to support their incident and operational risk management processes.
With choosing BWise, Folksam will be able to provide a holistic integrated view of their GRC efforts to gain key operational risk insights and proper workflows to mitigate potential incidents and losses within the company.
The BWise(R) GRC Platform helps companies and organisations with identifying, documenting, assessing and monitoring risks.
Overall dashboards with key risk indicators (KRIs) provide the management with better real time overviews of the most important risks, trends and thresholds. BWise also ensures that all relevant information regarding incidents and related events is recorded and its specific workflows can be activated for analysis.
"Registering and analyzing incidents is a legal requirement for Folksam," said Magnus Vesterlund, Head of Risk and Compliance, Folksam Liv. "The BWise system provides us with a possibility to monitor incidents and risks in a joint system, which will enable us to develop our risk management and internal control even further. The system will also help the staff to efficiently report incidents — and learn from them — in order to improve our processes."
BWise covers all aspects of the end-to-end operational risk process. Based on ISO 31000, Folksam is able to adjust the framework to the specific internal environment and compliance needs. With the scalable nature of the BWise GRC Platform, Folksam will be able to efficiently manage additional GRC initiatives in the future.
"We are proud to add Folksam to the growing list of large financial companies around the world deploying BWise for their GRC initiatives," said Robert Pijselman, Chief Executive Officer, BWise. "This will further expand our footprint into the Nordic region — a growing, strategic market for us."
BWise is a NASDAQ OMX company and positioned by independent analysts, such as Forrester and Gartner, as a leader in enterprise GRC Platforms.