STOCKHOLM, Sweden and NEW YORK, September 11, 2014 (GLOBE NEWSWIRE) – BWise (Nasdaq: NDAQ) of NASDAQ OMX, a global leader in governance, risk management and compliance (GRC), announced today hui have been selected by Folksam, one of Sweden’s largest insurance companies, to support their operational risk and incident management processes. By choosing BWise, Folksam will be able to provide a holistic integrated view of their GRC efforts to gain key insights into operational risks and appropriate workflows to mitigate potential incidents and losses within the business.
The BWise® GRC platform helps businesses and organizations identify, document, assess and monitor risks. Global dashboards with key risk indicators (KRIs) provide management with a better, real-time overview of the most important risks, trends and thresholds. BWise also ensures that all relevant information regarding incidents and related events is recorded and that its specific workflows can be activated for analysis.
“Incident recording and analysis is a legal obligation for Folksam,” said Magnus Vesterlund, Risk and Compliance Manager, Folksam Liv. “The BWise system gives us the ability to monitor incidents and risks in a common system, which will allow us to further develop our risk management and internal control. The system will also help staff to effectively report and learn from incidents. – to improve our processes. “
BWise covers all aspects of the end-to-end operational risk process. Based on ISO 31000, Folksam is able to tailor the framework to the specific internal environment and compliance needs. Due to the scalable nature of the BWise GRC platform, Folksam will be able to effectively manage other GRC initiatives in the future.
“We are proud to add Folksam to the growing list of leading financial firms around the world that are deploying BWise for their GRC initiatives,” said Robert Pijselman, CEO of BWise. “This will further expand our presence in the Nordic region, a strategic growth market for us. “
BWise is a NASDAQ OMX company and positioned by independent analysts, such as Forrester and Gartner, as a leader in enterprise GRC platforms.
Folksam is one of the largest insurance companies in Sweden and was founded in 1908. The company’s headquarters are located in Stockholm. With 30 offices across Sweden, Folksam insures over 4 million customers and employs around 3,600 people. The premium income of the Folksam group in 2013 amounted to SEK 32 billion. It is one of the largest investment managers in Sweden with a total of around SEK 330 billion in assets.
Folksam is a mutual, which means that customers are also their owners. The profit does not go to the shareholders, it stays in the company and benefits everyone. In cooperation with its customers, Folksam creates and provides a variety of insurance, savings and credit solutions, offering high quality, the greatest possible security and the best economic benefit. Folksam mainly responds to the needs shared by many. Folksam’s vision is to contribute to a long-term sustainable society where the individual feels safe. The core values are safety, commitment, compassion and professionalism. He guides Folksam in everything he says and does. For more information, visit www.folksam.se.
BWise, a NASDAQ OMX Company, is a global leader in corporate governance, risk management and compliance (GRC) software. Based on a strong heritage in business process management, the BWise® The GRC platform provides enterprises with highly rated and proven software solutions for risk management, internal control, internal audit, policy and compliance management, IT GRC and sustainability performance management .
BWise’s end-to-end solutions support an organization’s ability to understand, track, measure and manage key organizational risks. BWise helps companies really stay in control by balancing performance with their financial and reputational risks, improving corporate accountability, and increasing financial, strategic and operational efficiency. By using BWise, organizations are able to effectively comply with anti-corruption regulations such as the FCPA and UK Bribery Act, Sarbanes-Oxley, European Codes of Corporate Governance, ISAE3402 / SAS-70, PCI -DSS, Solvency II, Basel II and III, Dodd-Frank, ISO standards and many others. For more information, visit www.bwise.com. Follow us on LinkedIn and Twitter.
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