SUCCESS STORY ottonova
Integrated risk and compliance management for a health insurer with regulatory requirements
ottonova: Transparency with digital business model
ottonova is a digital private health insurer based in Munich. As a technology-driven company, ottonova combines insurance products with a fully digital platform, from contract signing to service billing.
The high level of IT integration in the business model, increasing regulatory requirements (e.g., from BaFin), plus the need for an effective Internal Control System (ICS) entail special requirements for governance, transparency, and accountability. Excel-based risk inventories were no longer meeting this requirement, also due to the company’s high growth.
The challenge: Gaining control of complexity
With DORA (Digital Operational Resilience Act), European legislators are demanding structured management and documentation of risks in the digital area. At the same time, an effective ICS requires clearly defined controls, comprehensible responsibilities, and regular proof of effectiveness.
Before the new system was implemented, risk inventory for risk and compliance were separate, independent processes. The task was to consolidate these processes and data sources, document changes comprehensibly, and systematically map governance responsibilities – all within a modern, high-performance cloud environment that greatly simplifies the day-to-day work of risk representatives in the specialist departments.
With the PROXORA Risk Management solution, we implement our requirements in a structured and audit-proof manner. Particularly valuable are the clear assignment of responsibilities and digital record-keeping. The system provides transparency, supports all departments in their day-to-day work, and ensures professional reporting at all levels.
Efficient risk management implemented digitally
For ottonova, the Risk Management System (RMS) of the PROXORA SaaS platform was customized and expanded as part of a pilot project to meet specific requirements for governance, traceability, and efficiency.
Risks, controls, and measures are now gathered centrally and linked together, resulting in a seamless control process – from identification over the multi-dimensional evaluation of a risk to the implementation of measures. Managers regularly confirm that their processes are up to date, that controls are effective, and that they are familiar with relevant guidelines, thereby systematically embedding governance and making it digitally verifiable.
In addition, the system enables transparent, management-oriented reporting in real time: status overviews and measurement progress are available at any time with the click of a button. This solution combines regulatory reliability with operational efficiency and noticeably facilitates day-to-day work for the specialist departments.
The cooperation with ottonova has been extremely collaborative and targeted from the very beginning. It is particularly worth noting how easily our solution could be adapted to the specific risk logic. At the same time, it remains flexible enough to clearly represent future requirements.
Holistic risk & compliance management
With the implementation of the new RMS together with measures management, ottonova was able to replace Excel-based island solutions, clearly define responsibilities, significantly increase auditability, and sustainably reduce reporting efforts. Today, the PROXORA Risk Management Solution is an integral part of ottonova’s risk and compliance management and serves not only for documentation, but also as an active control instrument.
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Success Story
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