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IBM Software Helps Unum Meet Solvency II Regulation with Enhanced Operational Risk Management

Strategic Insights

— 1 min read

IBM today announced that UK based Unum, one of the largest employee benefits companies in the world, is using IBM software to improve the management of operational risk throughout the company and to support the requirements of the upcoming Solvency II regulation. To comply with the new regulation, Unum is using IBM OpenPages software to provide comprehensive operational risk management capabilities. The solution assesses all internal and external risks, ensuring that Unum is sufficiently ready to cover them, and provides enhanced insight and control of risk data across the enterprise.

Key Takeaways:

  • Unum, a leading global provider of employee benefits products and services, is using IBM OpenPages software to improve the management of operational risk and meet the upcoming Solvency II regulation requirements.
  • The solution provides comprehensive operational risk management capabilities, assessing all internal and external risks, and ensuring that Unum is sufficiently ready to cover them.
  • IBM OpenPages software enables Unum to eliminate risk management silos across the organization, increasing efficiencies and improving decision making.
  • The solution provides a holistic view of risk within the organization, helping to embed risk management and governance into the overall corporate culture.
  • Unum is one of the few organizations with an integrated approach to measure operational risk as outlined in Solvency II.
  • IBM OpenPages software combines all risk data self-assessments, end-user surveys, loss events, scenario analysis, and key risk indicators into a single solution.
  • The software delivers an automated workflow and executive dashboards that provide management with the visibility, control, and decision support required to analyze, manage, and mitigate risk to optimize business performance.
  • Unum is a leading global provider of employee benefits products and services, providing protection to 25 million people worldwide.
  • Many insurance providers are investing in analytics technology to improve their processes and prepare for upcoming regulatory changes.

Statistics:

  • 25 million people worldwide are protected by Unum's employee benefits products and services.
  • The Solvency II regulation is expected to come into effect in January 2013.
  • Few insurers have sufficient historical data to adequately model operational risk in the same way they do for financial risk.
  • IBM OpenPages software is a key building block in implementing an enterprise-wide approach to governance, risk, and compliance management.

Sources:

  • "IBM and Unum: Solving Risk Management with IBM OpenPages Software" (M2 PressWIRE)
  • "Unum" (www.unum.com)
  • "IBM Business Analytics" (www.ibm.com/gbs/bao)
  • "SmarTrend Alert: UPTREND on 03-30-2011 for IBM @ $163.51" (Comtex SmarTrend Alert)

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