FRSGlobal, a leading provider of worldwide risk and regulatory compliance reporting solutions, today announced that Aspen Insurance Holdings Limited (AHL:NYSE) ("Aspen"), a speciality insurance and reinsurance company, has gone live with RiskResolve for Operational Risk Management (ORM).
FRSGlobal RiskResolve is complementary to FRSGlobal FinancialAnalytics, a leading global regulatory reporting framework. It allows managers to create a framework that evaluates potential expected and unexpected losses that can be included in a risk capital calculation. This reflects the demand by regulated financial companies, in addition to banks, to increase ORM and incorporate operational risk statistics into regulatory reporting alongside Market and Credit figures.
The overall objective for Aspen's Group Risk Management team was to add value to the business by providing one overall, clear and effective, seamless framework incorporating the Company's various risk management requirements, with widely shared responsibilities. RiskResolve provides Aspen with a tool that enables it to move away from the spreadsheet approach.
Lotfi Baccouche, Aspen's Group Head of Risk Management said: "At Aspen, we recognized the need to have operational risks captured on-line in a structured manner available to the risk owners across our business units. With RiskResolve, we have a simple, yet powerful solution which aims to provide us with a reliable system, formalizes our approach to Operational Risk, helps us understand our risk exposures and supports our framework."
Stephan Schmitz, Risk Resolve Product Manager at FRSGlobal said: "Aspen was looking for a 'one stop shop' where all risk, audit and, SOX issues come together in a flexible system configurable for their business needs, and suited to their ORM framework. FRSGlobal's RiskResolve, our experience in the financial sector and the understanding of operational risk matched Aspen's requirements completely."