THE CHALLENGE

Insurance organisations face an increasingly complex and challenging business environment. Insurance organisations are grappling with numerous compliance requirements (Solvency II / SAM) and industry standards and other regulations. Policy and claims disclosure are also under constant scrutiny. Typical business challenges facing Insurance organisations include:

  • Changes in legislation and regulation compliance including Solvency II / SAM
  • Multiple and complex vendor relationships / channels (re-insurer, insurer, agents (UMA), brokers, direct)
  • Policyholder protection disclosure and transparency
  • Theft, fraud and corruption
  • Cybercrime, IT failures, espionage and data breaches
  • Intensified competition
  • Technology disrupters
  • Shortage of skilled professionals
  • Environmental, health & safety (EH&S) risks
  • Operational inefficiencies
  • Reputational risk

THE SOLUTION

A flexible risk management framework is critical for meeting the needs of a complex and dynamic industry such as the Insurance industry. Insurance organisations need an effective way of prioritising and managing risk across the organisation as well as complying with local and cross-border legislation, standards and mandates. Proactive risk management also involves the documenting and managing of incidents / near misses. In addition, the identification and ongoing monitoring of risk mitigation plans is critical to effective risk management.

An organisation’s risk and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. (King IV Principle 4)

HOW BARNOWL FACILITATES THE SOLUTION

BarnOwl GRC software streamlines your GRC processes, integrates risk, compliance and assurance information on a centralised platform, standardises risk and control taxonomies and offers the flexibility and scalability required for your changing business environment. BarnOwl:

  • provides a flexible risk management framework for the insurance industry (in line with the COSO and ISO31000 standards) for you to manage your risk and compliance process as well as facilitate inspections / audits, findings and detailed analysis.
  • enables you to identify and document risks, causes, consequences and related controls (e.g. bowtie).
  • automates risk and control self-assessments.
  • enables you to record, monitor and report on issues / incidents.
  • provides a centralised repository for all your regulatory compliance requirements (fully integrated 3rd party compliance library) and tracks how you are meeting each compliance requirement.
  • streamlines internal audits, forensic audits as well as third-party audits and enables you to gain real-time visibility into risk-based auditing, audit findings, root cause analysis and the ongoing monitoring of mitigation actions.
  • brings together risk management, compliance, assurance, as well as all related communication, analysis and reporting under a common platform.
  • provides continuous monitoring of your risk universe with early-warning notifications.
  • drives proactive risk mitigation strategies.
  • generates risk intelligence and trend reporting at all levels of the organisation.

THE BENEFITS OF USING BARNOWL

The benefits of using BarnOwl include:

  • Improved GRC maturity through an integrated and flexible GRC solution.
  • Optimise and monitor risk-reward outcomes by gaining a comprehensive, real time view of your organisation’s risk profile.
  • Simplify regulatory compliance, using a single system to manage your compliance requirements and activities.
  • Enhance GRC productivity and efficiency as well as embed standards across the value chain.
  • Facilitate greater communication and collaboration on GRC tasks across all business units and locations.
  • Drive ownership and accountability for risk management across the organisation.
  • Facilitate the principle that an organisation’s risk and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. (King IV™ Principle 4)

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BARNOWL PARTNERS

GRCReady is the official provider of risk management content for the BarnOwl GRC software solution. GRCReady provides extensive risk libraries and risk maturity checklists/surveys which are integrated with BarnOwl.

GRCReady, based in Australia, offers a comprehensive and holistic library of products and associated services including templates, policies, procedures, guidelines, checklists etc.t to help owners and directors of SMEs, startups and corporates to satisfy their corporate governance, risk management and regulatory compliance needs.

By integrating GRCReady's rich content libraries into BarnOwl's GRC software, we are able to offer our clients a state of the art, turnkey GRC solution.

GRCReady provides, arguably, the most comprehensive risk and governance maturity assessment framework with detailed steps and artefacts. BarnOwl's survey and action plan portal provides a simple and effective way to monitor and report on your current state of risk maturity and suggest and drive remedial action plans to take you to your desired state of risk and governance and maturity.

By integrating GRCReady's risk libraries with the BarnOwl GRC software, means that you don't have to start from scratch. In addition, ongoing updates and insights keep you informed and up-to-date on best practices.

www.grcready.com

BARNOWL PARTNERS

Season Rhyrhm is BarnOwl's preferred partner in Botswana assisting with BarnOwl implementations, support services and client relationship management.

Season Rhythm is an established and distinguished player in the ICT sector in Botswana, specialising in a range of cutting-edge solutions. Season Rhythm leverages BarnOwl to provide tailored GRC&A services to businesses in Botswana facilitating:

  • Governance: Enabling organisations to establish and uphold effective governance structures, ensuring transparency and accountability in decision making processes.
  • Risk Management: Equipping businesses with tools to identify, assess and mitigate risks, safeguarding against potential threats and ensuring continuity in a business environment.
  • Compliance: Ensuring adherence to regulatory frameworks and industry standards, protecting businesses from non-compliance penalties and fostering trust among stakeholders.
  • Audit: Streamling the audit process with comprehensive tools for planning, execution and reporting, driving efficiency and accuracy in internal audit and compliance assessments.
  • www.sr.co.bw/ict

BARNOWL PARTNERS

BarnOwl works closely with NSA in the field of GRC and assurance.

NSA is an education and risk & assurance advisory services provider, consisting of a team of professional consultants and facilitators who have been hand-picked on experience and expertise. NSA services include:

  • Strategic intervention: 30 expert consultants facilitating strategic planning, combined assurance, effective governance and risk management assignments.
  • Continuous professional development: CPD training for internal auditors, external auditors, accountants, risk managers, government officials, and psychologists.
  • Online learning: accredited training for the local government sector, including the Municipal Financial Management Program and Supply Chain Management.
  • Online skills development: skills in demand for 2030, including cybersecurity, Protection of Personal Information, Artificial Intelligence, Robotics and programming.

BarnOwl and NSA work closely with our clients to align and enable best practice GRC and assurance framework & methodologies within BarnOwl. NSA regularly presents online information sharing sessions together with BarOwl.

www.nextstepac.com

BARNOWL PARTNERS

Nico Technologies is BarnOwl's preferred partner in Malawi assisting with BarnOwl implementations, support services and client relationship management.

Nico Technologies Limited is an established IT products and services provider in Malawi, specialising in managed IT services, IT infrastructure services, IT project management, digital solutions, digital transformation and IT advisory.

Nico Technologies uses BarnOwl extensively within their own organisation to automate and manage their own risk and compliance functions.

www.nicotechnologies.com

BARNOWL PARTNERS

Morgan Solus is BarnOwl's preferred business continuity specialist consulting firm with its 'BCM toolkit' software. BarnOwl GRC together with the BCM toolkit, provides a comprehensive risk management and BCM software solution.

Morgan Solus is a specialist consultancy firm focusing on risk, resilience and continuity. Morgan Solus's core services are centred on resilience, crisis management, business continuity (BCM), IT services continuity and disaster recovery (DRP) and training.

The BCM toolkit ensures a consistent approach to implementing BCM and IT disaster recover and cuts down implementation timelines by 60% whilst driving up successful outcomes.

BarnOwl's extensive GRC and assurance functionally coupled with Morgan Solus's BCM toolkit provide the ultimate risk management and BCM software solution.

www.morgansolus.co.za

BARNOWL PARTNERS

Arbutus Analytics is Barnowl's preferred data analytics software. BarnOwl GRC integrated with Arbutus Analytics, provides the ultimate in continuous risk monitoring.

Arbutus Analyzer is a powerful data access and analysis solution specifically developed for auditors, business analysts, and fraud investigators. Its robust performance and user-friendly features offer you the ability to access and analyse data quickly and simply.

BarnOwl GRC, integrated with the real-time metrics from Arbutus provides a strategic early warning system driving preventative and predictive capability facilitating effective business decision making business improvement.

www.arbutussoftware.com with local sub-sahara African distributor www.betasoftware.co.za

BARNOWL PARTNERS

Barnowl works closely with Pax Resilience in the field of GRC and sustainability.

Pax Resilience offers solutions in risk, resilience and cyber security. Pax Resilience strive to create peace of mind by assisting you to build the resilience in your organisation so essential to survive and thrive in the volatile, uncertain, complex and ambiguous world we live in.

Pax Resilience regularly presents online information sharing sessions together with Barnowl.

www.paxresilience.io

BARNOWL PARTNERS

Paige Law is the official provider of compliance content for the Barnowl GRC software solution. Paige Law provides an extensive Library of South African acts including provisions [CRMPs] and checklists which are integrated with Barnowl.

Paige Law specialises in compliance, Commercial Law, Legal process consultancy, managed legal services and POPIA/ GDPR.

CONTACT US

Registered Address

75 Malibongwe Drive
Linden Ext
2194
South Africa

Postal Address

PO BOX 3009
Randburg
2125

Telephone

+27 (0) 11 540 9100

Email

More Information: info@barnowl.co.za
Product Support: support@barnowl.co.za

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CONTACT SUPPORT

If you need assistance with your BarnOwl software, there are three channels available to you:

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