Conning's risk management software suite for insurers has been adapting to the changing times. FIRM Portfolio Analyzer, the company's stochastic platform for modelling investment risk, has seen a number of innovations in the last year.

The standard calibration already incorporates over 20 global currency regions and all commonly invested asset classes. Over the past 12 months this functionality has been extended to include a 'global jump' process that enables more detailed modelling of extreme financial events across different asset classes and economies. As well as this are new controls that allow investors to embed their own assumptions on the evolution of risk and reward metrics.

Meanwhile, the company's Allocation Optimizer, which helps investors to map efficient-frontier optimisation onto their asset allocation process, has been released in a cloud- based software-as-a-service version, which can be integrated with any existing risk management system.

Lastly, in 2021 Conning released the Conning Climate Risk Analyzer, which is a stochastic climate risk reporting software, in response to the increased interest in environmental, social and governance investing globally, and the evolving requirements from ORSA, TCFD, and other frameworks.

"Conning's goal is to help insurers leverage technology to better manage risk in their portfolios, from the impact of their particular investment allocations to the long-term impact of climate change," said Lorraine Hritcko, head of risk solutions at Conning. "We are very pleased that Insurance Asset Risk chose to recognize our contributions to this important field."