Credit Risk Component of Summix for Risk Management Selected By a Leading Global Reinsurer
Wolters Kluwer Financial Services announced today that Swiss Reinsurance Company Ltd (Swiss Re), has selected its Summix Credit Risk solution. The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. In support of an updated target operating model for its credit risk management, Swiss Re has chosen Summix Credit Risk. The new system will provide credit exposure analysis, aggregation and reporting as well as credit limit management and monitoring across its global operations.
Summix Credit Risk was selected as it provided the best fit with the strategic objectives of the project, both immediate and long-term. These objectives included reduction in complexity, improved accuracy and timing of reporting capabilities, and the ability to utilize sophisticated scenario analysis tools.
"Risk Management systems need to keep pace with the changing demands of internal and external stakeholders," said Kanwardeep Ahluwalia, head of Financial Risk Management and recently appointed CRO Reinsurance EMEA at Swiss Re. "The expertise demonstrated by Wolters Kluwer Financial Services during the proof of concept and detailed workshop sessions gives me confidence they can meet our requirements for transparency, functionality and simplicity at a reasonable cost."
"Swiss Re is such a major participant in this market and for them to select our credit risk component of Summix is a clear signal that we are one of a select few trusted solution providers in this space," said Raffi Festekjian, CEO of Wolters Kluwer Financial Services' Finance, Risk & Compliance division. "During the process, we were able to demonstrate expert knowledge and understanding of how to adapt our solution to Swiss Re's desired strategic results and expectations."
Through selection of Wolters Kluwer Financial Services, Swiss Re will have the potential to increase the efficiency of credit risk reporting, optimize the usage of credit limits and minimize operational risk due to transparency and auditability, in order to gain a competitive advantage in the core business units Reinsurance, Corporate Solutions and Admin Re®.
To find out more information on the Summix solution suite, including Summix Credit Risk, go to www.summix.wolterskluwerfs.com.
About Wolters Kluwer Financial Services
Whether complying with regulatory requirements or managing financial transactions, addressing a single key risk, or working toward a holistic enterprise risk management strategy, Wolters Kluwer Financial Services works with more than 15,000 customers worldwide to help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. Wolters Kluwer Financial Services provides risk management, compliance, finance and audit solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company's prominent brands include: Summix®, FRSGlobal, FinArch, ARC Logics®, TeamMate®, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS®, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2012) €3.6 billion ($4.6 billion) and approximately 19,000 employees worldwide. Please visit our website for more information.
About Swiss Re
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.