Insurance

As the legislative and regulatory terrain continues to evolve, insurance firms are pressed to effectively manage their compliance and risk obligations while simultaneously maintaining their current offerings and pursuing new business. From a compliance and audit perspective, these challenges require firms to constantly adapt to change - often amplified by a process that is short on time and high on pressure. When combined with the need to streamline workflow processes and mitigate risk, insurance firms are left with a sizable mountain to climb.

As firms are presented with more complex legislation and regulatory oversight from a growing list of agencies, departments and authorities, many continue down the path with disconnected governance, risk and compliance teams – each acting in their own silo and using tools and processes that cannot accommodate the massive influx of new information. These isolated teams find themselves entangled in inefficient and time-consuming processes that result in focus disruption where individuals are more focused on gathering and processing data than on developing new business strategies and seeking out growth opportunities.

Proactive organizations understand the inefficiencies of these disparate groups and have begun to look for solutions that streamline their processes and workflow and bring together those disconnected functions within the business to form a connected governance, risk and compliance strategy that insures their ability to thrive, even in the toughest business environments.

A connected GRC strategy provides:

• Proactive insights – Full coverage of State, Federal, and DC legislation and regulation ensures you’re up-to-date on the latest changes that may potentially impact your organization.
• Informed Choices – Regulatory analysis and editorial enhancements to content that take the uncertainty out of interpreting the ever-growing volume of complex statutes and regulations.
• Dynamic Connections – workflow tools that connect the governance, risk and compliance functions with auditing and reporting tools, allowing organizations to assess and interpret current and future risks and their impact on business.

Thomson Reuters Accelus directly addresses these needs by providing a purpose-built suite of solutions to help businesses:

• Monitor updates to state, federal, DC legislation and FSA regulation through the entire process from inception to enactment.
• Easily research and compare jurisdictional requirements from across the 50 states and federal government.
• Achieve higher efficiency through workflow solutions that enable greater collaboration, transparency and accountability.
• Track regulatory news and benefit from analysis provided by compliance experts with direct insurance experience.
• Screen business entities against global sanction and enforcement lists
• Effectively and efficiently report to the Board of Directors so that they can make informed business decisions.
• Roll-out policy updates and train staff to ensure effective corporate governance