Risk management is the attempt to identify and manage threats that could severely impact an organisation. NIIT Technologies' experts on risk management help insurers address a range of enterprise risk issues revolving around Operations, IT and Compliance.

• Operations
  • Exposure Management
  • Fraud Management
  • PCI-DSS*

• IT
  • Application and Network Security
  • Identity and Access Management
  • Multi-level Authentication
  • Business Continuity and Disaster recovery

• Compliance
  • Anti Money Laundering Solvency II
  • SEC audits
  • GLBA
  • SOX

* We are authorised scanning vendors for PCI- DSS

Our Subsidiary, Room Solutions, has a long and successful history of developing systems to manage risk exposure in underwriting organisations. Our latest offering through Room, Exact Advantage supports detailed risk assessment of onshore and offshore risks using a risk aggregation engine and a powerful Geographical Information Systems (GIS) mapping interface. It supports the proactive assessment of the susceptibility of underwriting portfolios to catastrophic events, including Terrorism, Windstorm risk Exposure, Flood Risk Exposure etc. This solution is currently being used by a number of large commercial insurers and reinsurers.

For addressing IT Risks, we have a security and transaction monitoring Framework where, based on customer defined algorithms for monitoring, correlation and filtering, the system gives out alerts with severity, priority and criticality of any security violations or transactional inaccuracies. We have successfully implemented this for one of the largest global financial services organisations.

Success stories

The client has embarked on a large program for creating an enterprise wide data warehouse for its annuities and retirement plan businesses, where all its applications are centrally located and integrated with each other in a manner that it can be accessible and made available for future analysis of the business and creating business trends.

The initiative aims at shifting the Information Environment from a multi-silo, non-integrated data environment to one having an Enterprise Information Infrastructure (EII), which will allow different parts and levels of the enterprise to retrieve relevant information for uses ranging from serving customers to decision support analysis.

One of the key project that was undertaken by NIIT Technologies as part of this overall program was to develop an Anti Money Laundering warehouse using Actimize suite of products, so as to provide appropriate alerts to the business teams in case any money laundering was being targeted by any of their customers.

Risk Aggregation Solution for a dynamic international reinsurer
A leading reinsurer’s subsidiary in Lloyd’s market chose Exact Advantage, a risk aggregation solution from NIIT Technologies' subsidiary ROOM Solutions. The solution has been implemented for new book of terrorism business. Traditionally, h igh risk regions present business possibilities to terrorism underwriters that cannot always be accepted due to limited availability of reinsurance cover, and the nature of terrorism risk makes managing exposure and pricing a difficult task. The client found an effective and accurate way of managing its risk exposure and aggregation in ROOM Solutions' Exact Advantage solution.

Support for SOX and Basel II
We are providing support for SOX and Basel II solutions for leading North American and European Banks and Insurance providers.

Salvage reporting solution
We have built a Salvage reporting solution for a client of a leading claims service provider using Business Objects as the OLAP tool. The solution has enabled the salvage industry to reduce salvage cycle time, maximise returns, and measure salvage performance.