TransRe, a global reinsurer wholly owned by Alleghany, has selected MetricStream to provide a consolidated approach for an integrated, flexible solution for its risk and compliance management needs.
MetricStream’s federated information architecture provides the flexibility required to support full range of risk and compliance processes, allows multiple reporting facilities, links to existing enterprise and combines all risk management and compliance activities into a common enterprise-wide framework.
With the new software, TransRe will benefit from enhanced process efficiency and transparency in tracking regulatory changes, identifying and scoping risks, conducting risk-control self-assessments, risk monitoring and risk reporting.
The dashboards will enable real-time tracking of risk assessments, Key Risk Indicators (KRIs), and risk mitigation activities, as well as providing support for decision-making.
The architecture also supports audit management, financial compliance management, regulatory exams management, vendor governance, IT security.
TransRe chief risk officer Julian Spence said that Enterprise Risk Management is an evolving discipline, and one that touches every part of the organization.
"MetricStream’s federated information architecture is well suited to our needs," Spence added.
MetricStream COO Gaurav Kapoor said: "Through our experience with clients in the financial services sector, and in particular (re)insurance, we were able to offer TransRe the package of solutions and expertise they needed to help support their business decisions and reporting requirements."