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Compliance Lifecycle Management:

Compliance Lifecycle Management:. Best Practices For Efficient and Effective Regulatory Change Management. Larry Gross, CPCU Compliance Assurance Corporation. About Compliance Assurance Corporation

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Compliance Lifecycle Management:

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  1. Compliance Lifecycle Management: Best Practices For Efficient and EffectiveRegulatory Change Management Larry Gross, CPCU Compliance Assurance Corporation

  2. About Compliance Assurance Corporation Compliance Assurance Corporation provides unique, comprehensive, regulatory risk management to the insurance industry.In addition to software solutions, our team of Regulatory Analysts and Compliance Specialists work to increase the value that compliance programs can add to their overall organizations. To learn more about Compliance Assurance Corporation or Comply On Demand Enterprise™ (CODE™) software, please visit www.complyfast.com or call (877) 690-6201

  3. Finding Your Way – A Road Map “Success in today’s dynamic business environment requires the organization to integrate, build, and support business processes with an enterprise view of governance, risk management, and compliance (GRC.)” Michael Rasmussen/ Corporate Integrity What is your plan? Have you charted out your direction?

  4. Compliance Lifecycle Management - Set of best practices Intuitive? Rapidly expanding regulatory environment with increasing requirements “New” risk impacting reputation/branding which is felt by all the corporation’s stakeholders What does the road map look like?

  5. Compliance Lifecycle Management • Identify & Document Regulatory Changes • Assess Relevance • Translate Changes into Business Requirements • Communicate • Execute • Monitor & Validate • Report

  6. Identify and Document Regulatory Changes Large volume to capture from multiple sources 84% of Compliance Officers see increase in 2012 from prior years and volumes increasing How do you avoid missing things?

  7. Assess Relevance to the Insurer Just because it came in the door does not mean it applies to you Make this your first focus Triage what comes in the door so that in enters the process in the right spot

  8. Translate Changes Into Business Requirements The “heavy lifting” of the compliance process Collaborative analysis of proposed changes and the full extent of their impact on relevant business processes A clear understanding of what needs to be done at the outset will save time and money

  9. Communicate Create the ability for dialog that is both cooperative and collaborative Recognize the need to communicate with your “extended enterprise” and the level of compliance risk they pose The complexity of communication – it’s more than the words

  10. Execute Have the right tool Technology allows all stakeholders to have a place to work together A compliance process that is adopted across the enterprise creates a common language regarding how things get done for effective management in a timeframe necessary for success

  11. Monitor and Validate What about a Business Process Manager? Validation is critical because there are many moving parts Use technology to create the necessary “follow through” to initial compliance activity regarding a business requirement

  12. Report The ability to demonstrate compliance performance is critical Compliance has a valuable voice in how data is managed within an organization What should you be thinking about to add that value to that conversation?

  13. Getting There…. or Not Not having a map causes uncertainty and added risk Avoid getting “lost” and not getting where you need to be when you have to be there Make Compliance Lifecycle Management the framework for your enterprise’s compliance management process

  14. Questions Larry Gross, CPCU, AU, AIM Director of Business Development – Compliance Solutions Compliance Assurance Corporation 215-659-2304 (O) 215-850-9733 (C) lgross@complyfast.com

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