Aspen Goes Live With FRSGlobal Solution for Operational Risk Management
Aspen Insurance Holdings has gone live with FRSGlobal’s RiskResolve solution for operational risk management (ORM). The solution is complementary to the company’s regulatory reporting framework, FinancialAnalytics. The company claims that 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 framework incorporating the company’s various risk management requirements, with widely shared responsibilities.