Risk Mitigation, Compliance, and Industry Standards

With more than 22,000 federal and state statutes impacting insurers in the U.S. alone, insurers will inevitably need more sophisticated tools and technologies to ensure regulatory compliance. For instance, insurers operating in the U.S. have to comply with the Dodd Frank and the Foreign Account Tax Compliance Act (FACTA) statutes, which require them to implement changes to their internal business processes and underlying IT systems. To support these regulatory compliance initiatives, you need a framework that will increasingly call for technologies such as business process management (BPM), master data management (MDM), data modeling, and visual analytics, among others, to manage the processes and controls with integrity.

TIBCO's real-time tools and technologies provide statistical modeling and visual analytics for actionable decision-making insights, allowing risk analysts to posit scenarios, easily see their impacts on the portfolio, and identify scenarios that could breach risk thresholds and limits.

Capabilities and Benefits

  • Financial Risk Management. Obtain deep insight into financial risks via an aggregated global view of risk exposure to ensure adequacy and compliance to Basel-II or Solvency-II. Run "what-if" analyses and stress tests in real time to ensure risk thresholds are not breached.
  • ACORD. TIBCO is committed to standards, and the ACORD standards in Insurance are no exception. ACORD standards work well within the TIBCO architectural framework. TIBCO's market-leading ESB and SOA platform and ACORD's standards for canonical representation of insurance data fits perfectly within our integration strategy for insurance carriers. As carriers are unfortunately still supporting a highly heterogeneous environment, they have a strong need for standard data models and a service bus that supports integration, both inside and outside the firewall.