Generali Group Subsidiary Migdal Insurance and Financial Holdings ...

Customer Case Study
Generali Group Subsidiary
Migdal Insurance and
Financial Holdings Ltd.
BACKGROUND
Migdal Group, like many insurance companies today, is facing increased risk and
regulatory pressures. The Capital Markets, Insurance and Savings Division of Israel’s
Ministry of Finance which regulates the local insurance and financial services industry
has seriously toughened its regulatory arm and has issued new and toughened
regulations in the past few years. The heightened regulations cover all facets of
business operations including SOX for financial internal control management,
Solvency II for Operational Risk management, Information Security standards
enforcement as well as multiple legislations for specific financial service providers
such as insurance, pension funds, capital markets and others, almost
all of which are relevant for the Migdal Group.
CLIENT CHALLENGE
Complying with each individual regulation is always complicated and costly and at
Migdal, involved managing lengthy Excel spreadsheets. Complying with the multiple
new and existing overlapping regulations was becoming a burden which Migdal
decided to handle strategically.
Migdal surveyed the market for risk management and compliance solutions
that were able to manage risk and compliance holistically throughout the enterprise.
Several suppliers were researched including ERP vendors, Business Process
Management (BPM) vendors and GRC specific companies, among them
Check Point. The ‘instinctive’ choice for Migdal was to use the GRC solution
offered by its ERP vendor since the ERP system was widely implemented
throughout the organization.
Implements an integrated
GRC solution to manage
SOX, Operational Risk for
Solvency II, Regulatory
Compliance and
Information Security
PROFILE
Migdal Insurance and Financial
Holdings is a subsidiary of Generali
Group the third largest insurance group
in Europe and the 30th largest company
in the “Fortune Global 500” worldwide
ranking, with a 2007 total premium
income of over € 66 billions.
As of December 2007, Migdal Group
is the leading insurance and financial
services company in Israel and provides
its customers with a wide variety of
insurance products, pension and
long-term financial holdings services.
“Time to implement was a major
decision factor for us. Before making
a decision, we conducted a pilot
and found easy2comply solution
to be intuitive, practical, and therefore
easily deployed and implemented
at Migdal.”
—Yossi Kelberman,
SOX Project Manager,
Migdal
©2011 Check Point Software Technologies Ltd. All rights reserved.
Classification: [Protected] — All rights reserved | 1

Customer Case Study
THE CHECK POINT SOLUTION: EASY2COMPLY
Migdal ultimately selected easy2comply solution to provide an
enterprise wide risk management and compliance solution.
“Time to implement was a major decision factor for us,” says
Yossi Kelberman, SOX Project Manager who managed the
GRC vendor selection process at Migdal. “Before making a
decision, we conducted a pilot and found easy2comply solution
to be intuitive, practical and therefore easily deployed and
implemented at Migdal.”
“Migdal has different teams managing difference compliance
processes separately but we were looking strategically for an
enterprise wide risk management system,” says Yossi Gavish,
VP of Operational Risk at Migdal. “We liked easy2comply’s
integrated approach that provides a common platform for
integrating and sharing information between the different
compliance processes while allowing each team to manage
its process independently.”
Before project implementation, Check Point and Migdal
performed a GRC Modeling process at Migdal in order to define
a common terminology and define the relationships between
the GRC building blocks and entities at Migdal.
RESULTS
easy2comply provides a ‘state of the art’ solution for
automating Governance, Risk Management and compliance
processes at Migdal.
Currently the system supports 4 separate risk management
and compliance ‘silos’ at Migdal: Internal Control management
based on SOX, Operational Risk based on Solvency II,
Information Security and regulatory compliance. easy2comply
implementation started at the core insurance company
and within several months was expanded to include other
companies in the Migdal group and continues to grow.
CONTACT CHECK POINT
©2011 Check Point Software Technologies Ltd. All rights reserved.
November 16, 2011
“easy2comply’s multi-regulatory capabilities are perfectly
suited to meet the enterprise wide needs of a large insurance
conglomerate such as the Generali subsidiary Migdal,”
says Ayelet Porat, VP of Sales at Check Point. “We are
honored that the Generali subsidiary Migdal joins our
growing list of insurance customers and even prouder
of the quick implementation and adoption of our platform
at Migdal.”
ABOUT CHECK POINT
Check Point Software Technologies Ltd. (www.checkpoint.com),
the worldwide leader in securing the Internet, provides customers
with uncompromised protection against all types of threats,
reduces security complexity and lowers total cost of ownership.
Check Point first pioneered the industry with FireWall-1 and its
patented stateful inspection technology. Today, Check Point
continues to develop new innovations based on the Software
Blade Architecture, providing customers with flexible and simple
solutions that can be fully customized to meet the exact security
needs of any organization. Check Point is the only vendor to go
beyond technology and define security as a business process.
Check Point 3D Security uniquely combines policy, people and
enforcement for greater protection of information assets and
helps organizations implement a blueprint for security that aligns
with business needs. Customers include tens of thousands
of organizations of all sizes, including all Fortune and Global 100
companies. Check Point's award-winning ZoneAlarm solutions
protect millions of consumers from hackers, spyware and
identity theft.
Worldwide Headquarters
5 Ha’Solelim Street, Tel Aviv 67897, Israel | Tel: 972-3-753-4555 | Fax: 972-3-624-1100 | Email: info@checkpoint.com
U.S. Headquarters
800 Bridge Parkway, Redwood City, CA 94065 | Tel: 800-429-4391; 650-628-2000 | Fax: 650-654-4233 | www.checkpoint.com