OBJECTIVE

In the process of establishing standards aligned with the EU regulations, the Montenegro institutions needed to secure preconditions for the implementation of new regulations. The above-mentioned preconditions were secured through the technical assistance project.

The Compliant Risk Technology LLC (CRT) has provided tools that enable the implementation of the technical aspect for the new regulations and to support a transition to the Solvency II directive and the European Single Electronic Format (ESEF), mandated by the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA).

The Twinning project that preceded our technical assistance project was funded by the EU and the main objective was to bring Montenegro's legislation in line with the European in the domain of financial services to strengthen the regulatory and supervisory capacity of relevant institutions.

The participating institutions of the project were the Federal Financial Supervisory Authority, Croatian Financial Services Supervisory Agency, De Nederlandsche Bank, Deutsche Bundesbank, and Croatian National bank.

SOLUTION

Specialised IT systems for financial supervision supported with advanced analytics are delivered through the project for two beneficiary institutions:

Solution for Insurance Supervision Agency covers the requirements for the collection, analysis, design, and managing data and conducting risk-based supervision based on Solvency II requirements. IT system is complemented with a non-standard part of the delivery, i.e. of-site supervisory tools and robust risk assessment framework. Solution for Capital Market Authority includes the design and implementation of officially appointed Central Storage for Regulated Information (CSRI) together with a system for data collection, analysis, and analytics.

OUTCOME

The transition to the CRT system will provide a technical platform for future change to risk-based monitoring and compliance with EU reporting requirements for Montenegro.

A very signifcant efect will be in improving quality and reliability in collecting and processing data and reports, reducing operational risks in this area, and greater efficiency in managing limited resources in the insurance market such as the one in Montenegro.

In the technical sense, the CRT system provides a quality basis for further potential upgrades, improvements, and development in the transition to a new regime of supervision based on risks, following the dynamics of the Montenegro transition to EU - SII regulations.

A new system implemented in ISA will speed up and facilitate the delivery of data. It will improve the quality and security of data submitted by insurance market supervisors to the ISA following best practices and technical reporting standards applied in the European Union.

During project implementation, insurance companies actively tested the new software solution voluntarily, with no costs, which ensured a higher quality of the software solution and an easier transition to the new way of ISA reporting planned for 2021.

During 2021, after creating a new legal framework in Montenegro (through the adoption of a new rulebook governing the feld of reporting), the official work of the system will begin, which will signifcantly improve business processes in the feld of insurance market reporting in Montenegro and analysis.

As an ISA employee, I enjoyed working with the CRT team in software development and implementation in ISA for the past two years. CRT team consists of well-connected professionals that always take time to support anyone in their network. They focused on keeping everything moving smoothly, ensuring all the deadlines meet, and that projects meet the highest standards for both sides to be satisfied with the outcome. If you are looking for a proactive, result-oriented, responsible, and technically sound company for your software solution, CRT is the right choice.

JOVANA NENEZIĆ
PRINCIPAL ANALYST, INSURANCE SUPERVISION AGENCY MONTENEGRO

MORE CUSTOMER STORIES

The Bangko Sentral ng Pilipinas

We made the BSP reporting scheme 29 times more efficient with our API-based Prudential Reporting System.

COMPLIANT RISK TECHNOLOGY LLC

NAME: COMPLIANT RISK TECHNOLOGY LLC, VATID: HR30872422309, IBAN: HR1124840081106002978,
ADDRESS: Av. V. Holjevca 40 ZG, CROATIA - EU, ESTABLISHED: 2010, SHARE CAPITAL: 1.330.000 KN

full legal info Compliant Risk Technology LLC / Full name: Compliant Risk Technology limited liability company for computer services / Short name: Compliant Risk Technology Ltd. / Place of business: Zagreb (The City of Zagreb), Avenija Većeslava Holjevca 40, 10000 Zagreb, Republic of Croatia (Croatia) / The company is registered in the commercial register of the Commercial Court in Zagreb under No.080782506 / Share capital 1.330.000,00 kunas paid in full / OIB: 30872422309 / Board member: Dragan Oremuš / Account number (IBAN): HR1124840081106002978 at Raifeiessen Bank d.d. – Petrinjska 59, 10000 Zagreb, Republic of Croatia (SWIFT/BIC: RZBHHR2X)

Cookie Policy for CRT - Compliant Risk Technology

This is the Cookie Policy for CRT - Compliant Risk Technology, accessible from https://www.crt.hr/

What Are Cookies

As is common practice with almost all professional websites this site uses cookies, which are tiny files that are downloaded to your computer, to improve your experience. This page describes what information they gather, how we use it and why we sometimes need to store these cookies. We will also share how you can prevent these cookies from being stored however this may downgrade or 'break' certain elements of the sites functionality.

For more general information on cookies see the Wikipedia article on HTTP Cookies.

How We Use Cookies

We use cookies for a variety of reasons detailed below. Unfortunately in most cases there are no industry standard options for disabling cookies without completely disabling the functionality and features they add to this site. It is recommended that you leave on all cookies if you are not sure whether you need them or not in case they are used to provide a service that you use.

Disabling Cookies

You can prevent the setting of cookies by adjusting the settings on your browser (see your browser Help for how to do this). Be aware that disabling cookies will affect the functionality of this and many other websites that you visit. Disabling cookies will usually result in also disabling certain functionality and features of the this site. Therefore it is recommended that you do not disable cookies.

The Cookies We Set

Site preferences cookies

In order to provide you with a great experience on this site we provide the functionality to set your preferences for how this site runs when you use it. In order to remember your preferences we need to set cookies so that this information can be called whenever you interact with a page is affected by your preferences.

Third Party Cookies

In some special cases we also use cookies provided by trusted third parties. The following section details which third party cookies you might encounter through this site.

This site uses Google Analytics which is one of the most widespread and trusted analytics solution on the web for helping us to understand how you use the site and ways that we can improve your experience. These cookies may track things such as how long you spend on the site and the pages that you visit so we can continue to produce engaging content.

For more information on Google Analytics cookies, see the official Google Analytics page.