Survey: Insurers Regulatory Change Management Falling Short
Many compliance executives working in the U.S. insurance space admit to a lack of consistent structure, lack of institutionalized processes for sharing regulatory information and disjointed use of technology.
INN Breaking News, April 22, 2013
Current organizational processes for managing regulatory change are falling short for insurers, according to recent survey results. Compliance Assurance Corporation (CAC) conducted a poll during “Managing the Hydra of Regulatory Change,” the first installment of CAC’s Compliance 2.0 webinar series. The provider of regulatory compliance solutions for the insurance industry asked attendees to classify their organizations’ processes using a five-level governance, risk management and compliance (GRC) framework to measure the maturity of an organization’s process for managing regulatory change in the context of a dynamic and shifting regulatory environment. The framework, from analyst firm GRC 20/20 Research, includes the levels of ad hoc, fragmented, managed, integrated and intelligent.
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