A Dutch software firm says it can help insurers comply with the new European Solvency II financial standards.

BWise B.V., Rosmalen, the Netherlands, reports that it has a system that can support efforts by multinational companies to use a process-based approach to set up governance, risk and compliance initiatives.

Solvency II requires insurers to embed a risk management systems throughout all operations, BWise says.

Most insurers already have the kinds of quantitative risk management systems required by the prevailing European insurer standards, but now those companies need to find ways to comply with the newly adopted Solvency II standards, BWise says.