Articles - FRS wins Governance Risk and Compliance award

Dublin-based provider of unit-linked investment administration and compliance oversight software, Financial Risk Solutions (FRS), has been named ‘Tech Vendor of the Year: GRC’ in the Buy-Side Awards at the Sheraton, Park Lane, London. Developed by a team of actuaries and IT specialists, the FRS software suite (comprised of InvestGRC™, InvestPro™, InvestOPS™) automates and industrialises investment administration and currently manages 160,000 funds for more than 30 life assurance companies with over €100 billion in assets under administration.

 InvestGRC™ the Governance, Risk & Compliance module, is used by a number of clients, including Zurich, Prudential, Generali and St James’ Place International to meet their Quantitative Reporting Template requirements under the Solvency II Pillar 3 asset reporting regulations. 

 Chief Marketing Officer at FRS, Frank Carr commented: “We are delighted that FRS has been named as ‘Tech Vendor of the Year: GRC’ in the Buy-Side Awards. A valuable benefit of using InvestGRC™ as the robust solution for the Solvency II Pillar 3 Quantitative Reporting Templates for the finance department is that the internal/external audit functions, the compliance function and the risk management function all now have a web based business intelligence tool to meet the asset governance and compliance requirements of their firms”.

 InvestGRC™ interfaces to Thomson Reuters, Bloomberg and Morningstar for both asset enrichment data and look-through data. It imports asset holdings and trades data from multiple internal systems and third party provider systems into a centralised data warehouse. This data is enriched via interfaces to market data providers. Automated data validation is available to ensure consistency and completeness of data. InvestGRC™ is deployed on-premise or cloud hosted on Microsoft Azure.

 Growing Recognition for InvestGRC™
 The last twelve months has seen InvestGRC™ nominated for a number of industry awards including the prestigious Irish Software Association Awards (“ISA”) and the Life Insurance International Awards.

 The Irish Software Association Awards
 The ISA Awards have recognised leaders in the Irish technology sector since 2010 and previous winners have included: IBM Ireland, Google Ireland and Intel. Over 70 tech companies and organisations based in Ireland entered this year’s awards. This year FRS was a finalist in two of the six categories (Digital Technology Services Project of the Year and Outstanding Achievement in International Growth).

 Irish Software Association Director Paul Sweetman said: “The software and digital technology sector in Ireland is thriving. Year-on-year, stellar companies are entering the Awards and 2016 is no exception. More than 70 tech companies and organisations from across Ireland entered this year’s awards and it is the tireless efforts of all in these companies that bring Ireland to the fore of the global technology sector.”

 Life Insurance International Awards
 FRS was also shortlisted in the Life Insurance International Awards which this year were focused on technological disruption, the threat of new market entrants and significant regulatory change.

 FRS was a finalist in the category of Digital Innovation of the Year, recognising the firm’s mission to provide the best and most intuitive technology for investment administration by developing products that continue to meet our client needs and new industry demands in an ever-changing regulatory environment.

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