Admiral Group plc streamline global risk management with Ideagen’s Pentana Risk
Admiral Group plc is a financial services company headquartered in Cardiff, Wales. Listed on the London Stock Exchange, it is a constituent of the FTSE 100 Index, and markets the Admiral, Bell, Elephant and Diamond vehicle insurance brands, as well as price comparison services Confused.com and Compare.com
The Group now offers home, van and travel insurance as well as personal loans and car finance in the UK.
It also has operations in Spain, Italy, France, the US, Canada, India, Mexico and Turkey, and has over 7 million customers worldwide.
In maintaining a global presence and diverse portfolio of financial products, as well as protecting their market-leading position, Admiral’s risk management program is vitally important.
There was a desire to improve the oversight of the risk profile throughout the Group and create a more streamlined and improved reporting capability.
This desire brought Admiral to the conclusion that a new software solution was needed to demonstrate effective risk management and a strong risk-aware culture throughout the Group.
With Pentana Risk, we’re able to create unique portals for stakeholders across the business to let them identify key risks quickly.
After evaluating several different vendors, Admiral chose Ideagen’s Pentana Risk to provide them with the assurance that they’re meeting the requirements of not only regulators, but also their executive teams and boards. For large global organisations like Admiral, the management team need accurate, actionable data on their organisation’s top risks so they can make informed decisions quickly.
Huw Thomas, Enterprise Risk Manager at Admiral, had a very clear vision for what the new system needed to deliver: “There were three main challenges we faced with our old system.
We used to struggle for hours trying to create bespoke reports and needed a way to quickly create tailored, drillable reports.
Similarly, aggregation of risk was incredibly time-consuming and was mainly done on spreadsheets; with a company of Admiral’s size, this quickly became unmanageable. And finally, end-user buy in – the old system was not user friendly and was poorly adopted within the business. When implementing Pentana Risk, it was crucial that these needs were met.”
Since implementing Pentana Risk, Admiral have transformed the risk management function into a streamlined, centralised system for creating a single source of truth for risk enterprise-wide.
After evaluating several different vendors, Admiral chose Ideagen’s Pentana Risk to provide them with the assurance that they’re meeting the requirements of not only regulators, but also their executive teams and boards. For large global organisations like Admiral, the management team need accurate, actionable data on their organisation’s top risks so they can make informed decisions quickly.
Huw Thomas, Enterprise Risk Manager at Admiral, had a very clear vision for what the new system needed to deliver: “There were three main challenges we faced with our old system.
We used to struggle for hours trying to create bespoke reports and needed a way to quickly create tailored, drillable reports.
Similarly, aggregation of risk was incredibly time-consuming and was mainly done on spreadsheets; with a company of Admiral’s size, this quickly became unmanageable. And finally, end-user buy in – the old system was not user friendly and was poorly adopted within the business. When implementing Pentana Risk, it was crucial that these needs were met.”
Since implementing Pentana Risk, Admiral have transformed the risk management function into a streamlined, centralised system for creating a single source of truth for risk enterprise-wide.
By giving each business unit the tools to control their own risk management, Admiral’s executive oversight has dramatically improved.
Intuitive and customisable
Mr Thomas stated: “The benefits of Pentana Risk were apparent almost immediately. With Pentana Risk, we’re able to create unique portals for stakeholders across the business to let them identify key risks quickly. We can compare risks across the globe, and it allows users to update in real time so we can get an accurate and up-to-date picture of the risks facing Admiral Group.
“We can produce reports in a matter of minutes, keeping senior executives informed about Admiral’s top risks. We can re-use them with a click of a button to produce a variety of different reports for different audiences and tailor it to their specific requirements.
“Pentana Risk is very intuitive and buy-in from the business has been very successful. By giving each business unit the tools to control their own risk management, Admiral’s oversight has dramatically improved – the Enterprise Risk team can take a step back and look at the holistic picture of risk, incorporating a more corporate and strategic view.”
More than the ability to deliver everything they wanted in a risk management system, Admiral chose to partner with Ideagen because they stood out as a good cultural fit for the organisation.
“Its ability to be specifically tailored to Admiral made Pentana Risk really stand out from the crowd. We spent time with Ideagen configuring the system to make sure it met Admiral’s needs, and that support continued to ensure the system was fully embedded. We get a great deal out of the relationship with Ideagen and feel that the direction of the product is extremely positive.”
Benefits
Efficient risk data gathering
Consolidation of risk taxonomies
Flexible, bespoke reporting
Complete executive oversight
Faster, more informed decision-making
Could Pentana Risk become your gateway to improved risk management?
Contact us to find out how you could introduce streamlined and centralised control within your organization.