Australian Life Insurance Specialist Suncorp Life Selects Charles River's Compliance Solution for Increased Transparency

MELBOURNE, Australia--(BUSINESS WIRE)--Charles River, a front- and middle-office investment management solutions provider, today announced that Suncorp Life, the life insurance and superannuation arm of Suncorp Group, has selected Charles River for hosted investment compliance monitoring.

“Insurance and pension firms are a key element of our global client base”

Charles River will provide Suncorp Life with a hosted deployment of the Charles River Investment Management System (Charles River IMS) compliance solution, allowing it to focus on core strengths and business strategy while Charles River manages the software and infrastructure. Suncorp will benefit from complete investment transparency, reduced risk and better visibility through centralised and automated compliance monitoring. This will allow Suncorp to monitor counterparty and issuer exposure and credit risk.

Robert Raffo, senior manager investment analytics at Suncorp Life comments, “With customers in Australia, we required a highly-scalable compliance solution that could effectively support complex account structures including fund-of-funds, fixed income and derivatives; as well as monitor specific duration mandates and credit ratings across the Group. Charles River met all of our selection criteria and will enable us to take a more active role in managing our risk and exposures while ensuring investor funds are managed in-line with Suncorp’s internal rules and those of the regulators.’’

“Insurance and pension firms are a key element of our global client base,” said Cameron Field, managing director-APAC, Charles River. “Keeping up with changing regulations requires specifically-designed technology. We originated as a compliance solution provider over 25 years ago. Compliance remains a core component of our enterprise solution, helping firms like Suncorp Life, our 25^th client site in Australia, meet specific requirements.”

About Suncorp Group
Suncorp Group is the largest general insurance group in Australia and second largest in New Zealand and includes leading general insurance, banking, life insurance, superannuation and investment brands. The Group has around 16,000 employees and relationships with nine million customers. It is a Top 25 ASX listed company with over $95 billion in assets.

Suncorp has five core businesses: Personal Insurance; Commercial Insurance; Vero New Zealand; Suncorp Bank and Suncorp Life. These are supported by corporate and shared services divisions.

Our business strategy is to gain the marketing benefits of a portfolio of leading brands and the scale benefits that come from a single group.

About Charles River
Charles River provides software and managed services to automate front- and middle-office investment operations for buy-side firms. SaaS solutions, including application management, data and compliance services, support portfolio management, compliance and risk monitoring, order and execution management, and access to global liquidity. The company has more than 350 clients in over 42 countries in the institutional asset and fund management, alternative investments, wealth management, insurance, banking, pension and custody markets.