BWise, the global leader in governance, risk and compliance (GRC) management software, announced today that Sagicor has selected BWise as its GRC solution.
Sagicor Group is a leading international provider of financial services including life insurance, annuities and group and individual health. BWise was selected to aid Sagicor in the identification and management of its risks, to enable its compliance with the regulations of the various countries within which it operates and reduce GRC costs.
Primary goal: mitigate and reduce risks and monitor controls
Sagicor's primary goal was to find a GRC solution that could assist it in identifying its risks and also enable the enterprise to specifically assign responsibility to staff for the reduction and mitigation of risks and monitoring of controls. BWise met this need and enabled Sagicor to assign ownership of its processes, controls and risks and then manage and measure them to ensure better compliance.
Converged infrastructure and standardization across all entities
Maxine MacLure, Executive Vice President at Sagicor, said, "Sagicor was looking for an integrated approach to GRC. Risk management was the most critical need for us, but we were also interested in regulatory compliance. Due to our presence in over 21 different countries we have to comply with several financial regulations. The audit capabilities were a bonus. BWise enabled us to create a converged infrastructure and provided the standardization we were seeking across all entities and countries. Ultimately, BWise was chosen due to the depth of its risk functionality and the vision that the company has for the continued development of its GRC platform."
Comply with all local financial reporting requirements
Reporting on its compliance was also a major concern for Sagicor. Sagicor must comply with the regulations of all the countries in which it operates, and must report on that compliance in a responsible manner to its stakeholders. BWise is a fully integrated GRC platform that can keep track of the compliance of many regulations in one single solution. BWise also finds duplicate controls and processes, assisting Sagicor to further mitigate its costs of compliance and create a profound ROI.
Reduce costs of compliance
Luc Brandts, CTO and Founder of BWise, said, "Sagicor was seeking an Enterprise GRC solution to meet its risk management, compliance and audit needs. Mitigating and reporting on controls, risks and compliance can be an arduous task at a large enterprise. These responsibilities are multiplied when managing the numerous regulations of an international firm like Sagicor. BWise is very proud to not only have assisted Sagicor in the reduction and management of its controls and risks, but also aid with reducing the cost of its compliance."