BWise, a governance, risk and compliance (GRC) management software company, will collaborate with Moody's Analytics to offer the BWise GRC platform in combination with Moody's Analytics' Solvency II Capital Requirement offering. The collaboration is designed to provide insurers with a comprehensive risk management and governance solution to meet Pillar 2 Own Risk and Solvency Assessment (ORSA) requirements of the forthcoming Solvency II directive.
According to BWise, this integrated solution will help insurance firms take a robust, process-led approach to the management of regulatory compliance, as well as the associated risk exposures within a dedicated and integrated enterprise risk management and governance framework.
Further, BWise has attempted to optimize its Solvency II offering by enabling insurers to more easily embed a company-wide GRC system, which in turn means insurers should more easily be able to document, streamline and monitor GRC processes, a key requirement of Solvency II's Pillar 2.
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