The insurance industry is faced with difficult challenges that result from regulatory developments, market volatility, reputational risk, operational risk, and other emerging risks. Risk management is a necessary component of keeping your businesses safe and thriving. Since the National Association of Insurance Commissioners passed the Own Risk and Solvency Assessment Model Act (ORSA), insurance companies are now required to assess the effectiveness of their risk management programs, monitoring current and future risk through self-managed assessments.
Our assessment solution is designed to meet all the needs of insurance companies. Easily assess physical security, cyber security, compliance to regulations and policies, and even your clients. This can all be done in a centralized location with segmented access to users. RiskWatch makes it easy for insurance companies to meet ORSA requirements and mature your risk management program. Save time time requesting, analyzing, remediating, and reporting on your data, which allows staff to focus more on reducing risk and meeting compliance.
You can tell RiskWatch has experience and expertise in risk management by looking at how SecureWatch is put together. The system combines ERM and compliance in a way both can be performed at the most efficient way possible. Its automation combines well with the maturity of data available in most of our assessment programs.
Real-time risk profiles and scores that update as changes occur.
Meet compliance requirements such as with the NAIC Model Audit Rule, PCI, or The Sarbanes–Oxley Act
Use customizable reports to provide high-level staff updates on objectives and progress on assessments.
Provides a comprehensive view of organizational compliance. Recommendations are automatically offered to identify and mitigate gaps and vulnerabilities.
Standardize and automate data collection, analysis, and remediation.
Creates a road map for evaluating vulnerabilities, identifying opportunities for security enhancements, and tracking progress.
Develop controls and tasks to mitigate all critical risks and work down as resources allow.
Hold team members accountable for assessment tasks with automated email reminders, recommended tasks, and activity logs.
In 2019, Mercury Insurance Company was fined $27.6 million for charging illegal fees to customers, a violation of Proposition 103. The original fine goes back to 2015, when Mercury charged “discriminatory rates” despite repeated warnings. The company was also guilty of illegally labeling their agents as “brokers.” While both agents and brokers are intermediaries, a broker represents the insurance buyer and an agent represents an insurance company. For more information, click here.