UK life and pensions outfit Friends Provident has licensed software from New Zealand-based Methodware to manage its group risk operations.
Methodware says its Enterprise Risk Assessor (ERA) will be networked across the organisation to record, evaluate and track progress of risks and loss events across business units.
The vendor says Friends Provident staff responsible for risk coordination within each business unit, along with the majority of actual risk owners will be provided with system access in order to identify, assess, record and report risks.
Phil Sellen, manager, group operational risk, Friends Provident comments: "With ERA we are able to produce all the reports we require at a touch of a button; from high-level board reports to in-depth analysis of failed controls and loss events.
The ability to produce focused risk reporting for management teams at different levels throughout the organisation is of particular value, especially as it enables the management teams to concentrate on the salient aspects of their risk profile."