IBM Risk Analytics

Best ERM end-to-end solution: IBM Risk Analytics

Finalists: QRM, Willis Towers Watson Unify

IBM's Enterprise Risk Management Framework offers an end-to-end solution for risk identification, modelling, measuring, monitoring, risk management and reporting.

The combined risk management capabilities of IBM products such as Algorithmics and OpenPages help clients achieve Solvency II compliance, but also allows them to make risk-aware business decisions. Its modular character allows seamless integration with existing risk modelling and actuarial tools, ensuring consistency of models and data across different systems.

IBM's solution was tested when a European insurer employed its framework for its approved internal model, along with its standard formula solution.

The IBM workflow management tools enabled the client's business users to change a risk model or a loss function and re-run their simulation in a totally independent way and allowed great flexibility giving users full ownership on the modelling and on the analysis of their data.

The IBM platform also can be used in a variety of ways beyond Solvency II, including input to ORSA reports, year-end and quarterly reports for regulatory purposes, capital planning and impact of model change.

The client said: "With the IBM Algorithmics platform we have been able to create a new capital system from scratch and attain regulatory approval in less than two years.

"Our priority is to maximise speed and performance without losing accuracy, and that is where we see the strength of the IBM solution. The flexibility and reliability of the platform allows us to place risk at the heart of the business, and to incorporate risk into our business decision making."