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Third-party management solutions are technologies and systems designed to automate the performance of one or more third-party management processes or functions. Such solutions are external-facing and designed to complement internal-facing governance, risk and compliance ( GRC ) systems and processes.
Today, the firm is known as PRTM. On June 24, 2011, PricewaterhouseCoopers (PwC) acquired PRTM and the deal closed on August 22, 2011. [1] The firm began benchmarking business performance for its clients in 1982. PRTM's international expansion started in 1985.
The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.
Self-insurance may not be possible when there is a legal obligation to hold insurance such as mandatory third-party car insurance that is required in some countries. In some cases organizations need to apply for special licenses to self-insure certain risks, such as employee benefits insurance. [3]
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
The risk of loss remains with the employer, and not with the TPA. An insurance company may also use a TPA to manage its claims processing, provider networks, utilization review, or membership functions. While some third-party administrators may operate as units of insurance companies, they are often independent. [citation needed]
Many of these serve primarily as third-party consultants and outsourcing partners. Many enterprise software companies employ their own consultants for services related to their own products. Among the corporations listed below, the number of consultants listed is less than their total number of employees.
PricewaterhouseCoopers International Limited [4] is a British multinational professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world [5] and is considered one of the Big Four accounting firms, along with Deloitte, EY, and KPMG.