The composite insurance industry is going through a major transformation to meet rising regulatory obligations which can affect financial products across both insurance and asset management from regulatory monitoring to regulatory policy management.
In both the asset management and insurance parts of the business, the firm needs to understand its regulatory environment and the impact on its risk landscape. There is recognition that manual collection and assessment of regulatory data leads to inconsistency in regulatory change management and increases risk of non-compliance. A lack of automation and workflow leads to valuable compliance and risk resources being used for time consuming manual activities, rather than higher value work.
However, regulatory change can also present opportunity and be the catalyst to digital transformation, greater efficiency and a reduction in labour intensive manual tasks, which in turn reduces manual handing error and risk.
Management of obligations through a streamlined, consistent operating model are viewed as key issues within the company’s regulatory compliance framework.