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Ageas Streamline Third Party Risk

Ageas Insurance in the UK had a requirement to improve and scale out their third party risk management process. After reviewing the market, 3GRC Risk Manager was selected as the most effective solution to meet their needs.

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AGEAS - INSURANCE

Belgium’s largest insurer, Ageas Insurance, selects 3GRC to streamline their third party risk management process.

Ensuring we measure and demonstrate effective risk management of our business is a given. Extending this strategy to our third parties is essential to ensure we are compliant with regulation and deliver a safe and secure service to our clients.

Ageas Insurance in the UK had a requirement to improve and scale out their third party risk management process. After reviewing the market, 3GRC Risk Manager was selected as the most effective solution to meet their needs.

David Newstead of Ageas Insurance Limited remarked “Using spreadsheets to assess our third party suppliers was a cumbersome and time consuming process, which simply didn’t scale. After running a proof of concept with 3GRC, we found the response from our third parties far more effective, and the ease in remediating issues identified a welcome benefit.”

Ageas has experienced challenges with the third party assurance process. Inconsistent responses to surveys returned from third parties has created complexity in identifying risks. David identified “Working through spreadsheets to identify risks and their impacts to our business has been a time consuming and inconsistent process. 3GRC has allowed us to define risks and impact levels up front, and generate consistent risks in a risk register automatically. This has already saved us a huge amount of time, and allowed us to measure our third parties in an effective and consistent manner.”

Ageas is obligated to meet compliance with FCA rules and the Prudential Regulation Authority (PRA) in order to operate within the Insurance Sector. “Ensuring we measure and demonstrate effective risk management of our business is a given. Extending this strategy to our third parties is essential to ensure we are compliant with regulation and deliver a safe and secure service to our clients.” David identified.

David highlighted that “Ageas is a global organisation; with the successful delivery of 3GRC Risk Manager across our UK operations, we are now looking to extend this capability to other entities within the Ageas Group.”

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