Risk management solution ECAPS, built by SecondFloor and Algorithmics for ING Corporate Insurance Risk Management (CIRM), has been nominated for the prestigious Banking & Finance ICT Innovation Award. This award is presented yearly by Banking & Finance, an international Platform for Financial Professionals. The competition is open for entry for organizations in the Benelux that realized:
…a project, which has been truly innovative and fully operational in accordance with customer satisfaction and which has been part of the daily business routine…
SecondFloor, a growing IT project organization based at Schiphol, has been actively involved in this project, delivering the solution - together with business partner Algorithmics – within one year.
SecondFloor’s contribution is a vital part of the ECAPS solution: SecondFloor realized an intranet application that meets ING’s business needs. The solution primarily collects and processes data and produces risk management reports, ensuring all assets and liability data is provided via an auditable reporting process.
ECAPS has pioneered the “mass produced” replicating portfolio approach to risk management in insurance. The auditable and SOX compliant processes and the possibility to update over 40 ING business units worldwide and at once are of great value. The increased automation and control environment has allowed ING to publicly disclose EC results for the first time, to reduce risk reporting time by 60%, and to allow instant access to global market risk data. It also establishes a firm basis for upcoming Solvency II requirements and potential platform to meet IFRS Phase II accounting requirements for insurers.
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For further information:
SecondFloor BV
Bas Huisman
Tel: +31 (0)6 – 43359306
www.secondfloor.nl