Allianz begins development of risk management platform

The insurer wants to have systems up and running in 12 months

New risk management platform will bring improved analysis and reporting tools

Insurance group Allianz has started the development of a centralised risk management platform, aiming for completion within 12 months.

It is expected that the project will deliver an automated, Sarbanes Oxley-compliant system, which will centralise data from all of the insurer’s subsidiaries worldwide, to be fed into an existing calculation engine and presented in a standardised reporting format.

Allianz has recently completed the conception phase for the system, which is expected to “significantly improve” risk management and control and become a “core pillar to fulfill forthcoming Solvency II [regulations for insurance firms] requirements”, said Andreas Kunze, co-project manager at Allianz.

Vendor SecondFloorwill provide analysis, implementation, testing, deployment and support services for the project.