BMS Group is a leading and successful independent insurance and reinsurance broking company. It places 2.4 billion USD of premium each year, making BMS Group the sixth largest reinsurance broker in the world. More than 400 people are employed in the 18 offices around the world.
In order to support the company’s growth strategy, BMS Group chose Decision Focus as the infrastructure of the Risk Management function. The solution has the capability to support all lines of defence in the company, and all information relevant to risk and control is collected in one easily accessible repository that provides a single source of truth across the global organisation.
“Decision Focus provides a single repository for monitoring and oversight of the risk profile of the Group. For us the most important factor is the flexibility of the Decision Focus platform. This has enabled us to enhance our framework as our needs evolve, without worrying about the ability of the system to support these enhancements. We have already found additional uses for Decision Focus in the Group, such as supplier management. Decision Focus has significantly enhanced our risk culture.”
Nicole Dancer, Group Risk Director, BMS Group
Up and running in no time
Within the first quarter of the roll out, risk owners were able to undertake a full cycle of risk and control assessments across the global footprint of BMS Group. Decision Focus was adapted to ensure it replicated the exact nature of the Risk Management framework. This, together with the intuitive views and dashboards in the solution, meant that very little enduser training was required.
Manageable, reliable, efficient
All relevant data and management information is collected in one repository allowing all parts of the business to access a single source of data. This holistic approach replaces myriad spreadsheets that used to be in play and increases reliability and efficiency.
Designed for growth
BMS Group can evolve its risk management capabilities easily and at whatever pace needed. A number of additional areas have been identified and incorporated in Decision Focus since the implementation. One such area is Supplier Risk Management. The register of suppliers, contracts and statements of works are established in Decision Focus including risk assessment of suppliers.
A consistent approach to risk management
More than 60 risk and control owners log into Decision Focus on a quarterly basis to complete their risk and control self-assessments. This has helped to drive a consistent approach to risk and control assessment across the organisation and further enhances the risk culture within BMS Group.
Automatic report generation
The Risk Committee Report is now automatically generated from Decision Focus removing much of the manual effort of compiling PowerPoint slides. As assessments are updated, the records automatically update the Committee report.
“We migrated our Risk Management framework straight into Decision Focus globally within one quarter. The speed
of the implementation was impressive, and Decision Focus has been a pleasure to work with. Decision Focus combines risk, control, KRI, risk events, emerging risks and action tracking in one solution.”
Melissa Bolton, Group Risk Manager, BMS Group
Risk Dashboard (example)
Risk Landscape (example)
Committee Ready Reporting (example)
Workflow Automation & Risk Management in the World’s Leading Enterprises