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Accenture helped this global reinsurer improve its risk management, so equipping it to achieve high performance. In addition, the new capability has improved the company’s ratings with ratings agencies.
This global reinsurer operates in more than 120 countries with an annual premium income of almost €6.4 billion (approximately $7.9 billion).
Professionals from Accenture Risk Management worked closely with the client. In phase one of the project, Accenture conducted an assessment of the current state of the reinsurer’s risk management organization and established a program management office with a dedicated SharePoint environment to enable easy collaboration between the teams involved.
During phase two, Accenture helped the client prepare for an audit by three leading rating agencies by producing the required presentation and collecting the corroborating materials. In phase three, Accenture helped implement recommendations from the rating agencies to improve the operational risk management system, further develop the emerging risks system, finalize the internal referral process with respect to life underwriting, consolidate the strategic financial model as the main basis for operational and strategic decision making, and establish a definition of asset classes as well as a group-wide list of eligible counterparties including derivatives. Furthermore, Accenture helped the client develop and implement an enterprise risk management framework using the COSO 2 framework—a framework designed to help entities assess and enhance their internal control systems.
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