Thomson Reuters Accelus partners with insurance organizations globally to help solve the wide range of business challenges that they face.
The Solvency initiatives in Europe and in the US, as well as in other countries, create a wide range of risks for insurance organisations, including regulatory, compliance, and operational risk. Organisations are asking how an Own Risk and Solvency Assessment can be delivered, and how it can be turned from a supervisory tick-box project to an investment that can provide improved intelligence on business operations.
Financial crime rules – including those around anti-money laundering, anti-bribery and corruption – pose another series of risks. Apart from the obvious compliance risk there is substantial reputational and financial risks for organisations that do not fully abide by the rules.
The world’s supervisors have made it very clear that robust adherence to policies such as ’Know Your Customer” (KYC) must be embedded in the risk culture of the insurance organisations they regulate. For many insurers the FATCA legislation is extending the scope of KYC beyond financial crime.
Faced with these and wider operational risks, many insurance companies are growing to realise that ad-hoc project-based initiatives are failing to deliver either compliance, the capability to manage risk day-to-day or material strategic value.
Increasingly they seek permanent, repeatable and demonstrable ways of ensuring that all relevant regulatory change is captured, mapped to internal policies and actioned. Integration with the audit oversight function ensures ongoing monitoring of compliance and identifies areas where remedial attention is required.
Thomson Reuters Accelus provides a range of solutions to meet these and other needs of today’s insurance organization.