The diagram below conveys the relevance of Pillar 2 to an existing captive insurer. Whilst Pillar 2 can be seen as a regulatory burden, a well-structured system of governance is inherently valuable because it is efficient, not expensive, and provides security and confidence to a captive board.
Aon's solution ? Governance Risk and Compliance (GRC) platform
- A software platform capable of reflecting a company's governance model
- A powerful workflow engine which guides the user through their required actions from inception to process completion
- Highly granular access control ensures the security of sensitive information
- All actions performed within the framework are fully tracked and auditable
- A powerful reporting engine to visualise and analyse data