Solera | ISAE 3402
“The way in which Risklane implemented our ISAE reporting provides our company and our customers the certainty that processes are in place and enabled us to convert the advice from Risklane into further improvements.” – Quintin Nouwen, Managing Director Insurance Solera
“Through the cooperation with Solera, we experienced the unique business behind Solera. By using our extensive experience in the insurance and automotive industry, we were able to assist Solera with the preparation of a diligent control framework. We were more than pleased with the way in which Solera was able to adapt to the required quality improvements to meet the ISAE 3402 and market requirements.” - Koen van der Aa, Associate Manager Risklane
Solera is a global leading organization in data, applications and services for the insurance, and automotive industry. Solera’s mission today is 'to be the 80% intelligence to help customers manage the risk of a collision, mechanical or maintenance repair and service'. Solera is transforming the way insurance and automotive professionals provide value to their customers with now more than 300 million annual transactions.
Solera combines existing automotive data with advanced analysis techniques, using the results to make improvements to their data and create more effective handling of claims.
All customers should be able to rely on the high standards for the security and quality of Solera. Risklane supported Solera to design a professional framework for a selection of Solera applications to meet the requirements of risk management and security. The ISAE 3402 report provides an objective view on how to maintain control and how to improve as a company. Solera needed to consider how they should deal with security and how to become compliant which they managed to do.
The biggest challenge with this project was to create the right project team with experts who have knowledge of risk management and internal control, but also IT experts with the knowledge to analyse complex applications and draft controls for the Solera control framework. During the implementation, various quality improvements were implemented by the involved Solera Teams, who were very pragmatic and proactive in resolving the findings.
Solution & Results
Within approximately two months, Risklane and Solera were able to prepare four separate ISAE 3402 reports for each of the applications in scope. This enabled Solera to meet customer and market requirements. Furthermore, Solera realised incredible quality improvements and can demonstrate to clients that Solera is in control of their risks and have the ability to improve as a company in the area of security. Conclude Accountants audited the ISAE Type I reports (Qapter, VRA, Atosi, TIME,) successfully, as well ISAE Type II for CHV. The ISAE 3402 Type II audits will be performed in 2021.