Innovation and compliance with IBM OpenPages

These are just the words of Dario Luna, Chief Risk Officer of CNP Vita Assicura, a company that operates in the private sector, that stands out for its marked customization of the solutions offered and the expertise of the team. The company operates on the open market with a multi-partner approach, establishing agreements with major banking groups, networks of financial advisers, multi-firm agents and brokers. Through these partners it offers life insurance solutions in Italy that stand out for their quality, simplicity and sustainability: a complete range of solutions for personal protection, retirement, savings and investment.

In a changing landscape with rapidly evolving needs, CNP Vita Assicura aims to remain by the side of its clients to protect their life projects, ensuring a more open world.

In the life insurance industry today, there are numerous trends that create ideal conditions for launching technological innovation projects to address various needs. The first is the need to comply with regulations that require greater control of operational, ICT and Cyber risks, requiring companies to invest in structured risk governance processes. Added to this is the need to improve assessment models and therefore to equip themselves with technologies that help "wire" their models into stable solutions to spread them throughout the company, which are able to support and integrate information and activities, but above all to enhance the efficiency of internal assessment processes.

Through the re-engineering of information and processes, CNP Vita Assurance has been able to achieve a series of positive results.

The mission of CNP Vita Assicura, with regard to the technological innovation processes, is therefore focused on optimizing internal processes with the objectives of implementing a module to support the assessment of operational risk and extending the solution to non-operational risks and corporate governance. This includes evaluating compliance with internal policies.

The project began with the analysis and solution definition phase, during which time the workflows and key information of the main logical entities were re-engineered. Detailed design developed in parallel with IBM OpenPages solution configuration activities proceeded, facilitating a streamlined and efficient development process with high involvement of the project team.

The test phases included importing the data, thus reducing the time and risks for the set-up of the production environment and the solution's subsequent go-live.

The solution developed and immediately utilized for the year's assessment cycle was certified by an independent auditor.

The next step, the creation of the module for "corporate governance", was initiated immediately after the introduction of the operational risk module.
The implementation timeline was compressed to allow, within the limited timeframe available for the entire project, the release of the first version of the module. These times have been made possible not only by the flexibility of IBM OpenPages, IBM's governance, risk and compliance (GRC) platform based on artificial intelligence, but also by the configurations (out of the box) of the Policy Compliance Management module, which have constituted a valuabledesign guide.

At the same time, the operational risk module has also been extended to other risk types, in order to create a comprehensive and integrated risk repository.

Next, CNP Vita Assicura intends to evaluate the extension to other areas to constitute an integrated and reference solution for Risk & Compliance Management