Case study: Life Insurance
Client:
Large Mumbai based private Life Insurance company with offices across India.
Implementation environment:
Risk Management, Audit and Compliance functions were primarily handled through manual processes using Excel spreadsheets. This resulted in duplication of effort, lost/misplaced documents and increased lead time for audits
- Centralize audit planning
- Provide web access to all users
- Get an overall view of the audit process
- Reduce dependency on paper and multiple versions of MS Excel documents
- Increase productivity
- Consolidate Audit, Risk and Compliance scores
- Implement common reporting and compilation for all the three modules
Number of users:
- Number of branch offices: 1244
- Number of users: 2580
- Call Risk / Audit / Compliance activities consolidated at the Head Office in Mumbai, India
“TRACe provided by MMCS is expected to provide a paperless office to compliance, Risk Management and Internal Audit functionaries. Towards this objective we are certainly delighted to have a partner like MMCS. Who has delivered several modules in Risk Management, Compliance and Internal Audit The solution has helped us in maintaining a lean hierarchical department and at the same time provided us the facility to review controls, risks, audit and compliance aspects that have helped us to keep pace and a tab on the exponential growth that the organization has embarked on.“
Sunder Krishnan
Chief Risk Officer
(Reliance Life Insurance Company Limited, Mumbai, India)