Being able to demonstrate a comprehensive understanding of and compliance with regulatory requirements is a growing concern and focus for regulators. It is no longer enough to produce compliant documents and assessments of process. Risk-based exams are changing the game. Today insurers must also be prepared to fully demonstrate compliance by showing a repeatable and auditable process with clear and transparent linking between the regulatory obligation and the operational implementation within the organization. Regulators are pushing insurers to implement this level of compliance risk management. For many this presents some real challenges. Manual processes and resource limitations can make auditing difficult and transparency into what happened nearly impossible. Without this level of insight management is at a real disadvantage when making decisions about the state of the current business or recommendations for future strategy.
A strong compliance program not only manages compliance, it proves it by allowing organizations to answer three critical questions:
Wolters Kluwer’s compliance risk management solution brings content, technology and expertise together to help organizations achieve a strong and provable compliance program and effectively manage the compliance risks they face. Featuring high-level reports, interactive dashboards and multi-business unit support, the solution fully supports not only day-to-day compliance risk management, but also decision making, resource allocation easily becomes part of an integral cross-silo view of risk.