By partnering with IBM, Enterprise Concept is now able to offer business solutions based on IBM Algorithmics award winning technology, giving companies a solid foundation for capturing the interactions between risk types and integrated risk management covering market, credit and liquidity risk. The main strengths of the Enterprise Concept reside in the capacity to design a system and infrastructure architecture that meets Solvency II requirements across all pillars, by:
- Designing systems that reuse business rules and share common data across pillars
- Deploying infrastructure that is sufficiently flexible and scalable to handle ad hoc requests from management and regulators
- Providing a robust data integration, quality and control framework
Being able to make the best possible decision during the current economic times has become critical for businesses wishing to strive through, especially in the financial industry. Instabilities in finanial markets have placed Risk Management at an upper level of priority in financial companies’ decision-making processes. The insurance industry is expected to be compliant with Solvency II regulations by 1 January 2016 and there is a strong need for automation of various risk management activities, especially around complex calculations, optimization and reporting. Enterprise Concept’s integrated approach to risk management focuses on executing policies based on comprehensive risk measurements of the business processes. These policies include risk methodologies connected to capital management, pricing and performance measurement – constantly ensuring that risk is integrated and consistent with business strategies.
We are adding value by having dedicated resources for building actuarial risk models, integrating different data sources and being able to build the necessary business workflows within an organization. This way we can implement a company wide, holistic, approach to risk management by capturing from various business users the relevant information necessary for feeding the complex risk algorithms build within the IBM Algorithmics solution.
IBM has by our assessment the most complete and powerful financial risk management solution and this was one of the main reasons for our decision to promote it on the local Romanian market.