Aspen Goes Live with FRSGlobal RiskResolve for Operational Risk Management
09 April 2008 - 10:30PM
Business Wire
FRSGlobal, a leading provider of worldwide risk and regulatory
compliance reporting solutions, today announced that Aspen
Insurance Holdings Limited (NYSE:AHL) (�Aspen�), a speciality
insurance and reinsurance company, has gone live with RiskResolve
for Operational Risk Management (ORM). FRSGlobal RiskResolve is
complementary to FRSGlobal FinancialAnalytics, a leading global
regulatory reporting framework. It allows managers to create a
framework that evaluates potential expected and unexpected losses
that can be included in a risk capital calculation. This reflects
the demand by regulated financial companies, in addition to banks,
to increase ORM and incorporate operational risk statistics into
regulatory reporting alongside Market and Credit figures. The
overall objective for Aspen�s Group Risk Management team was to add
value to the business by providing one overall, clear and
effective, seamless framework incorporating the Company�s various
risk management requirements, with widely shared responsibilities.
RiskResolve provides Aspen with a tool that enables it to move away
from the spreadsheet approach. Lotfi Baccouche, Aspen�s Group Head
of Risk Management said: �At Aspen, we recognized the need to have
operational risks captured on-line in a structured manner available
to the risk owners across our business units. With RiskResolve, we
have a simple, yet powerful solution which aims to provide us with
a reliable system, formalizes our approach to Operational Risk,
helps us understand our risk exposures and supports our framework.�
Stephan Schmitz, RiskResolve Product Manager at FRSGlobal said:
�Aspen was looking for a �one stop shop� where all risk, audit and
SOX issues come together in a flexible system configurable for
their business needs, and suited to their ORM framework.
FRSGlobal�s RiskResolve, our experience in the financial sector and
the understanding of operational risk matched Aspen�s requirements
completely.� About Aspen Insurance Holdings Limited Aspen provides
reinsurance and insurance coverage to clients in various domestic
and global markets through wholly-owned subsidiaries and offices in
Bermuda, France, Ireland, the United States, the United Kingdom,
and Switzerland. For the year ended December 31, 2007, Aspen
reported gross written premiums of $1.8 billion, net income of
$489.0 million and total assets of $7.2 billion. For more
information about Aspen, please visit www.aspen.bm. Aspen's Ratings
Aspen Insurance UK Limited Aspen Insurance Limited A (Strong)
Standard & Poor's A (Strong) Standard & Poor's A
(Excellent) A.M. Best A (Excellent) A.M. Best A2 (Good) Moody's A2
(Good) Moody's � Aspen Specialty Insurance Company A- (Excellent)
A.M. Best About FRSGlobal FRSGlobal is the leading provider of
global risk and regulatory compliance reporting solutions and has
more than a decade of industry expertise, currently providing
coverage for 30+ countries. FRSGlobal�s solutions are used in over
1,000 financial organisations. 25% of R&D annual expenditure is
dedicated to researching regulations and meeting with regulators,
which results in an unparalleled Centre of Regulatory Excellence
(CoRE) that supports clients by providing up-to-date regulatory
information and reports. www.frsglobal.com FRSGlobal�s
FinancialAnalytics enables institutions to address major
regulatory, compliance and risk requirements globally. FRSGlobal�s
coverage includes both local prudential and global reporting
(IFRS/FiNREP, Basel II/CoREP and MiFID) � this is done by
leveraging a common DataFoundation to harness financial
intelligence across an enterprise, while maintaining the
country-specific requirements of local regulators. FRSGlobal�s
RiskResolve is a highly configurable enterprise software solution
that provides a unified, consistent framework for defining,
measuring and managing risks, internal controls, Key Risk
Indicators, Loss events, actions, SOX controls and compliance
mandates, while enabling institutions to reduce their operational
losses. FRSGlobal has offices in North America (Boston, Charlotte
and Toronto), Europe (Amsterdam, Brussels, Dublin, Lisbon, London,
Luxembourg, Madrid and Paris) and APAC (Hong Kong, Pune and
Singapore). Application of the Safe Harbor of the Private
Securities Litigation Reform Act of 1995: This press release
contains written, and Aspen's officers may make related oral,
"forward-looking statements" within the meaning of the U.S. federal
securities laws regarding Aspen's risk management, their systems
and efficiencies. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include all statements that do
not relate solely to historical or current facts, and can be
identified by the use of words such as "expect," "intend," "plan,"
"believe," "project," "forecast," "anticipate," "seek," "will,"
"estimate," "may," "continue," and similar expressions of a future
or forward-looking nature. All forward-looking statements rely on a
number of assumptions, estimates and data concerning future results
and events and are subject to a number of uncertainties and other
factors, many of which are outside Aspen's control that could cause
actual results to differ materially from such statements. Important
events that could cause the actual results to differ include, and
are not limited to: resource constraints, limitation of systems -
systems no matter how well conceived and operated, can only provide
reasonable, not absolute, assurance that the objectives of the
system or framework are met, and design of the system where
assumptions made may impact the success of stated goals of the
system or framework. For a detailed description of uncertainties
and other factors that could impact the forward-looking statements
in this release, please see the "Risk Factors" section in Aspen's
Annual Report on Form 10-K for the year ended December 31, 2007,
filed with the U.S. Securities and Exchange Commission on February
29, 2008. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the dates
on which they are made.
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