Capital Market Authority &
Insurance Supervision Agency


In the process of establishing standards aligned with the EU regulations, the Montenegro institutions needed to secure preconditions for the implementation of new regulations. The above-mentioned preconditions were secured through the technical assistance project.

The Compliant Risk Technology LLC (CRT) has provided tools that enable the implementation of the technical aspect for the new regulations and to support a transition to the Solvency II directive and the European Single Electronic Format (ESEF), mandated by the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA).

The Twinning project that preceded our technical assistance project was funded by the EU and the main objective was to bring Montenegro's legislation in line with the European in the domain of financial services to strengthen the regulatory and supervisory capacity of relevant institutions.

The participating institutions of the project were the Federal Financial Supervisory Authority, Croatian Financial Services Supervisory Agency, De Nederlandsche Bank, Deutsche Bundesbank, and Croatian National bank.


Specialised IT systems for financial supervision supported with advanced analytics are delivered through the project for two beneficiary institutions:

Solution for Insurance Supervision Agency covers the requirements for the collection, analysis, design, and managing data and conducting risk-based supervision based on Solvency II requirements. IT system is complemented with a non-standard part of the delivery, i.e. of-site supervisory tools and robust risk assessment framework. Solution for Capital Market Authority includes the design and implementation of officially appointed Central Storage for Regulated Information (CSRI) together with a system for data collection, analysis, and analytics.


The transition to the CRT system will provide a technical platform for future change to risk-based monitoring and compliance with EU reporting requirements for Montenegro.

A very signifcant efect will be in improving quality and reliability in collecting and processing data and reports, reducing operational risks in this area, and greater efficiency in managing limited resources in the insurance market such as the one in Montenegro.

In the technical sense, the CRT system provides a quality basis for further potential upgrades, improvements, and development in the transition to a new regime of supervision based on risks, following the dynamics of the Montenegro transition to EU - SII regulations.

A new system implemented in ISA will speed up and facilitate the delivery of data. It will improve the quality and security of data submitted by insurance market supervisors to the ISA following best practices and technical reporting standards applied in the European Union.

During project implementation, insurance companies actively tested the new software solution voluntarily, with no costs, which ensured a higher quality of the software solution and an easier transition to the new way of ISA reporting planned for 2021.

During 2021, after creating a new legal framework in Montenegro (through the adoption of a new rulebook governing the feld of reporting), the official work of the system will begin, which will signifcantly improve business processes in the feld of insurance market reporting in Montenegro and analysis.
As an ISA employee, I enjoyed working with the CRT team in software development and implementation in ISA for the past two years. CRT team consists of well-connected professionals that always take time to support anyone in their network. They focused on keeping everything moving smoothly, ensuring all the deadlines meet, and that projects meet the highest standards for both sides to be satisfied with the outcome. If you are looking for a proactive, result-oriented, responsible, and technically sound company for your software solution, CRT is the right choice.
The Bangko Sentral ng Pilipinas
We made the BSP reporting scheme 29 times more efficient with our API-based Prudential Reporting System.


Contact us at
+385 1 7777 599
Av. V. Holjevca 40, 10000 Zagreb, Croatia, EU

NAME: COMPLIANT RISK TECHNOLOGY LLC, VATID: HR30872422309, IBAN: HR1124840081106002978,
ADDRESS: Av. V. Holjevca 40 ZG, CROATIA - EU, ESTABLISHED: 2010, SHARE CAPITAL: 1.330.000 KN

Compliant Risk Technology LLC / Full name: Compliant Risk Technology limited liability company for computer services / Short name: Compliant Risk Technology Ltd. / Place of business: Zagreb (The City of Zagreb), Avenija Većeslava Holjevca 40, 10000 Zagreb, Republic of Croatia (Croatia) / The company is registered in the commercial register of the Commercial Court in Zagreb under No.080782506 / Share capital 1.330.000,00 kunas paid in full / OIB: 30872422309 / Board member: Dragan Oremuš / Account number (IBAN): HR1124840081106002978 at Raifeiessen Bank d.d. – Petrinjska 59, 10000 Zagreb, Republic of Croatia (SWIFT/BIC: RZBHHR2X)

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