Wolters Kluwer Provides Guidance to Help Insurers Achieve Regulatory Readiness and Accountability Across Their Organizations
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  • Wolters Kluwer Provides Guidance to Help Insurers Achieve Regulatory Readiness and Accountability Across Their Organizations

    May 10, 2017

    New White Paper Offers Seven Key Components in Implementing a Successful Compliance Program Management System

    With increased scrutiny from regulators, demands from stakeholders for more transparency, and a greater appetite for insightful business analytics, many insurance organizations’ compliance management teams are being stretched to the breaking point. Wolters Kluwer today announced the release of a new white paper, “The CPM Edge: Why Compliance Program Management is Right for Insurers,” to help insurers holistically achieve both regulatory readiness and accountability across their organization.   

    Compliance Program Management (CPM) systems are critical to not only manage risk, but also to demonstrate compliance to other parties and help drive larger business decisions. Because of the needs facing insurance compliance professionals, a CPM system is all about the “processes” or “programs” absolutely required to achieve the downstream ability to manage all of these components from and through a single reporting system that enhances connectivity.

    More specifically, the white paper elaborates on the seven components of a more holistic, integrated CPM system, including:

    • Regulatory Insight
    • Regulatory Change Management
    • Compliance Ethics and Governance
    • Risk and Control Assessments
    • Compliance Testing
    • Complaint Management
    • Regulatory Exam Management

    “Traditional, often disparate and loosely connected approaches to compliance not only fail to meet insurers’ expanded regulatory obligations, but they actually hinder such efforts in many ways and simply cannot provide the level of insight and awareness needed to accurately adhere to all applicable requirements,” said Kathy Donovan, Senior Compliance Counsel at Wolters Kluwer and author of the white paper. “This paper examines the fundamental components required to build a sound, integrated and sustainable Compliance Program Management system to help insurers deliver on both company and regulator expectations.”

    To download the white paper, please click here.

    About Wolters Kluwer Governance, Risk & Compliance

    Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments.

    Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.