Successful implementation of the headquarters’ risk management method for an overseas office in 3 months.
2 OCTOBER 2020 – Tokyo – Numerical Technologies (“NumTech”) is delighted to announce that MS&AD Insurance Group Holdings, Inc. (“MS&AD Holdings”) has selected NumTech’s Software-as-a-Service (“SaaS”) enterprise risk management solution, NtSaaS™, to manage its enterprise risk for their U.S. office, Mitsui Sumitomo Marine Management (U.S.A), Inc. MS&AD Holdings aims to enhance its ERM infrastructure globally through the adoption of the same software systems across both its headquarters and overseas offices.
MS&AD Holdings started a new risk management structure where the risk management department of its headquarters supports overseas offices. This is done in order to strengthen the overseas business structure and further enhance ERM. The same risk management method used by the headquarters will be applied in overseas offices in the form of SaaS.
NumTech is a financial risk management software provider with a track record of more than 20 years. NumTech’s clients include major banks, life and non-life insurance companies, and trading companies.
Traditionally, risk management systems in each financial institution have been created and customized in-house by experts with the necessary skills and knowledge. However, even for large financial institutions, due to the limited number of such experts and high costs, it is challenging to keep up with complicated financial regulations using this structure.
NtSaaS offers the business and technical know-how of NumTech as an internet service. Financial institutions that adopt NtSaaS do not have to take care of system maintenance and feedback any potential business requirements directly to NumTech. The initial cost is reduced because it does not involve the purchase of expensive infrastructure upfront. Since NtSaaS leverages on NumTech’s existing proven software, as such the number of personnel required for implementation is small and the introduction period is short. System upgrades are no longer a concern of users.
The project management of NtSaaS implementation was undertaken by MS&AD Systems Co., Ltd. (“MS&AD Systems”) who is in charge of system development for MS&AD Holdings. Generally, an implementation of a risk management system takes 6 months to 1 year or more starting from the project planning phase. By leveraging the system architecture experience in Amazon Web Services coupled with NtSaaS’ ease-of-use, MS&AD Systems successfully introduced NtSaaS within 3 months from the trial period of NtSaaS.
Following NumTech’s successful release of NtSaaS to MS&AD U.S. office, NumTech will continue to support MS&AD Holdings in the enhancement of its global ERM infrastructure.
