Large private insurance firm in India with over 1200 branches.
Number of TRACe Users
The firm was looking to replace an existing 3rd party solution that they had attempted to install and use across the organization.
TRACe Enterprise was installed on premise and rolled out across the organization enabling more than 1000 users access Governance, Risk, Audit and compliance functions across the enterprise. TRACe was customized to suit the very specific requirements and needs.
The implementation of TRACe has enabled the firm implement consistent and standardized processes across more than 1000 branches in the country. This has also resulted in very significant improvements in timelines, efficiency and document consolidation.
The Chief Risk Officer has this to say:
"TRACe solution has enabled us to roll out an integrated ERM. The ERM provides access to all stake holders including Risk and Audit committee members. The solution caters to the audit, risk and compliance requirements. The solution is cost effective, web based and cloud enabled structured on MS SQL and .Net blending well with the stand alone automated practices of independent spread sheets in vogue. The software assists in maintaining a risk database with controls and the effectiveness of controls. The system has modules for internal audit, risk assessment, key risk indicator, key incident reporting, branch continuous monitoring, key compliance checks, action plan tracker, etc. The module used can collectively arrive at a combined risk, audit and compliance score providing a detailed overview of a particular function / processes and the risk category within which it resides. It also provides a mechanism to document and monitor action plans and drive closure through automated reminders / mailers to concerned departments. The Branch continuous monitoring and compliance self-check module has been available with all branches to conduct checks and update their reports. These modules have been operational from last 5 years. TRACe provides us a complete framework for our Governance Risk Compliance and Audit platform."