Insurance group Allianz has started the development of a centralised risk management platform, aiming for completion within 12 months.

It is expected that the project will deliver an automated, Sarbanes Oxley-compliant system, which will centralise data from all of the insurer’s subsidiaries worldwide, to be fed into an existing calculation engine and presented in a standardised reporting format.

Allianz has recently completed the conception phase for the system, which is expected to “significantly improve” risk management and control and become a “core pillar to fulfill forthcoming Solvency II [regulations for insurance firms] requirements”, said Andreas Kunze, co-project manager at Allianz.

Vendor SecondFloor will provide analysis, implementation, testing, deployment and support services for the project.