Optial announced today the availability of the Optial Insurance solution to enable organisations to comply with the key requirements of Solvency II.
Solvency II will bring significant challenges and impacts to organisations; the FSA stresses the importance of effective risk management, Own Risk Self Assessments (ORSA), different disclosure requirements and internal audit in the new regime. Firms should start considering now how they will meet their ORSA requirements and the additional processes and procedures that will need to be put into place
Optial Insurance is a web-based management system that incorporates the full spectrum of operational risk, compliance and audit activities; it provides for full transparency and accountability, ensuring ultimate ownership at the senior management level, respecting the fact that delegation of responsibilities does not mean dilution of responsibility. It has been designed to allow full integration of risk and management activities so the system can be embedded enterprise-wide.
Speaking about Optial Insurance, Chris O’Brien CEO said “With its proven functionality and powerful configurability Optial Insurance provides an ideal infrastructure for creating and implementing the broad range of control, risk management and compliance processes that are crucial for compliance with the Solvency II directive.”