Transforming risk and compliance functions for insurance
In a reaction to turbulence caused by the pandemic in the regulatory market, many insurance organisations have focused on preventing risks and bad outcomes. They neglected the need to evolve along with the changing regulatory market and increased risk issues, and are now lacking resilience in terms of compliance.
The market is now calling for exactly what has been ignored: more focus on good outcomes, accountability and a robust risk and compliance infrastructure that can be scaled. This means a radical transformation is in store for both digital and operational sides of the business.
Here are just a few issues that insurers need to integrate into a new risk and compliance function:
- Data security and privacy requirements
- New individual responsibilities and processes to support them
- Consumer protection and good outcomes
- Risk management strategy for environmental, social, and governance (ESG) issues and climate risk
Large scale transformation of this kind will require the proper infrastructure to succeed. Digital compliance tools are essential, not just for meeting expectations but also for reducing risks and gaining competitive advantage.
Technology that can support robust compliance frameworks, including workflows, automation, templating and analytics, will give insurers a supportive pathway to adapt. Similarly, as requirements expand and become more complex, an integrated tool will allow organisations to simplify these structures across individual, regional, and global perspectives.
Without the technology to support them, the path to transformation they have laid ahead of them, no matter how necessary, will be too long and daunting to undertake.
How can Trailight support
Trailight is an individual regulatory compliance platform which is purpose-built to support global financial services organisations with these challenges. The platform transforms how you manage compliance, putting individual accountability at the heart of your processes and centralising all your individual compliance requirements. This not only reduces risk but also supports cultural change in your organisation.
Already successfully implemented with numerous global financial institutions, our platform can be configured to your specific regional or cross-jurisdictional regulatory requirements.
Read more about how to address the latest regulatory compliance challenges facing insurance organisations in our brochure:
Individual accountability and risk control for insurance compliance
- How to address the biggest challenges today
- Manage constant change with accountability
- Integrate ESG and consumer functions to improve risk
- Update compliance processes with digitisation
- Why choose Trailight
- Compliance features for insurance
Get in touch with Trailight at [email protected] or 01904 206066 if you have any more questions.