CUNA Mutual Looks to the ARC Logics for Financial Services Solution to Help Bring Greater Control, Transparency and Efficiency to Risk Management Process
Wolters Kluwer Financial Services announced today that CUNA Mutual Group, a leading provider of financial services to credit unions and their members, has selected its enterprise risk management (ERM) solution suite, ARC Logics for Financial Services.
ARC Logics helps financial organizations bring transparency, traceability and efficiency to managing compliance, operational and financial risks, as well as to the audit function. The solution’s modular approach enables insurance companies, securities firms and banks to fulfill their immediate risk management objectives in a targeted, cost-effective manner while allowing for expanded future usage of the same platform.
CUNA Mutual Group’s Claims Operations will implement the Policies and Procedures module to automate and simplify the process of assembling, distributing and maintaining claims procedures. This helps bring visibility and accountability into the process, and provide compliance manuals to end-users in an easy way. Additionally, Policies and Procedures will connect with Wolters Kluwer Financial Services’ AuthenticWeb for Claims, which helps insurance professionals quickly find regulatory information and identify state-specific requirements. Content and links to AuthenticWeb for Claims, which had previously been implemented by CUNA Mutual Group, will now be incorporated into the organization’s policy and procedures handbook.
“Since policies and procedures come in a variety of formats, they can be very difficult to update and maintain,” said Mark Martin, vice president, Claims, at CUNA Mutual Group. “Working with Wolters Kluwer Financial Services, we can create an accurate record of the policies and procedures relied upon by our claims adjusters, enhance claims procedures with rich compliance information, and easily maintain an audit trail of the considerations that were made regarding each adjusted claim.”
“Our ERM solution suite allows financial organizations to identify, monitor and manage risk, be it a single risk or risk across an enterprise,” said Todd Cooper, vice president and general manager of Enterprise Risk Compliance at Wolters Kluwer Financial Services. “We are very pleased to expand our relationship with CUNA Mutual Group as they maintain strong compliance and risk management programs that meet ever-changing business needs and regulatory requirements.”