Aspen Insurance (NYSE:AHL)
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FRSGlobal, a leading provider of worldwide risk and regulatory
compliance reporting solutions, today announced that Aspen Insurance
Holdings Limited (NYSE:AHL) (“Aspen”),
a speciality insurance and reinsurance company, has gone live with
RiskResolve for Operational Risk Management (ORM).
FRSGlobal RiskResolve is complementary to FRSGlobal
FinancialAnalytics, a leading global regulatory reporting framework. It
allows managers to create a framework that evaluates potential expected
and unexpected losses that can be included in a risk capital
calculation. This reflects the demand by regulated financial companies,
in addition to banks, to increase ORM and incorporate operational risk
statistics into regulatory reporting alongside Market and Credit figures.
The overall objective for Aspen’s Group Risk
Management team was to add value to the business by providing one
overall, clear and effective, seamless framework incorporating the
Company’s various risk management
requirements, with widely shared responsibilities. RiskResolve provides
Aspen with a tool that enables it to move away from the spreadsheet
approach.
Lotfi Baccouche, Aspen’s Group Head of Risk
Management said: “At Aspen, we recognized the
need to have operational risks captured on-line in a structured manner
available to the risk owners across our business units. With
RiskResolve, we have a simple, yet powerful solution which aims to
provide us with a reliable system, formalizes our approach to
Operational Risk, helps us understand our risk exposures and supports
our framework.”
Stephan Schmitz, RiskResolve Product Manager at FRSGlobal said: “Aspen
was looking for a ‘one stop shop’
where all risk, audit and SOX issues come together in a flexible system
configurable for their business needs, and suited to their ORM
framework. FRSGlobal’s RiskResolve, our
experience in the financial sector and the understanding of operational
risk matched Aspen’s requirements completely.”
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through wholly-owned subsidiaries and
offices in Bermuda, France, Ireland, the United States, the United
Kingdom, and Switzerland. For the year ended December 31, 2007, Aspen
reported gross written premiums of $1.8 billion, net income of $489.0
million and total assets of $7.2 billion. For more information about
Aspen, please visit www.aspen.bm.
Aspen's Ratings
Aspen Insurance UK Limited
Aspen Insurance Limited
A (Strong) Standard & Poor's
A (Strong) Standard & Poor's
A (Excellent) A.M. Best
A (Excellent) A.M. Best
A2 (Good) Moody's
A2 (Good) Moody's
Aspen Specialty Insurance Company
A- (Excellent) A.M. Best
About FRSGlobal
FRSGlobal is the leading provider of global risk and regulatory
compliance reporting solutions and has more than a decade of industry
expertise, currently providing coverage for 30+ countries. FRSGlobal’s
solutions are used in over 1,000 financial organisations. 25% of R&D
annual expenditure is dedicated to researching regulations and meeting
with regulators, which results in an unparalleled Centre of Regulatory
Excellence (CoRE) that supports clients by providing up-to-date
regulatory information and reports. www.frsglobal.com
FRSGlobal’s FinancialAnalytics enables
institutions to address major regulatory, compliance and risk
requirements globally. FRSGlobal’s coverage
includes both local prudential and global reporting (IFRS/FiNREP, Basel
II/CoREP and MiFID) – this is done by
leveraging a common DataFoundation to harness financial intelligence
across an enterprise, while maintaining the country-specific
requirements of local regulators.
FRSGlobal’s RiskResolve is a highly
configurable enterprise software solution that provides a unified,
consistent framework for defining, measuring and managing risks,
internal controls, Key Risk Indicators, Loss events, actions, SOX
controls and compliance mandates, while enabling institutions to reduce
their operational losses.
FRSGlobal has offices in North America (Boston, Charlotte and Toronto),
Europe (Amsterdam, Brussels, Dublin, Lisbon, London, Luxembourg, Madrid
and Paris) and APAC (Hong Kong, Pune and Singapore).
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995:
This press release contains written, and Aspen's officers may make
related oral, "forward-looking statements" within the meaning of the
U.S. federal securities laws regarding Aspen's risk management, their
systems and efficiencies. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can be identified by
the use of words such as "expect," "intend," "plan," "believe,"
"project," "forecast," "anticipate," "seek," "will," "estimate," "may,"
"continue," and similar expressions of a future or forward-looking
nature.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and are subject
to a number of uncertainties and other factors, many of which are
outside Aspen's control that could cause actual results to differ
materially from such statements. Important events that could cause the
actual results to differ include, and are not limited to: resource
constraints, limitation of systems - systems no matter how well
conceived and operated, can only provide reasonable, not absolute,
assurance that the objectives of the system or framework are met, and
design of the system where assumptions made may impact the success of
stated goals of the system or framework.
For a detailed description of uncertainties and other factors that could
impact the forward-looking statements in this release, please see the
"Risk Factors" section in Aspen's Annual Report on Form 10-K for the
year ended December 31, 2007, filed with the U.S. Securities and
Exchange Commission on February 29, 2008. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the dates on which they are made.