Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced the launch of Accelus Compliance Manager for Insurance, a solution that enables U.S.-based insurance organizations to manage the impact of regulatory change on their business and mitigate the increasing amount of compliance risk to which they are exposed.
The U.S. insurance industry faces a rapidly changing regulatory environment that is made particularly challenging due to its multi-layered supervisory framework that includes state- and federal-level regulation, as well as legislation and essential industry guidance. With typically over 22,000 laws passed and over 275,000 pending bills each year, it is becoming increasingly difficult for compliance managers to stay abreast of insurance industry-specific changes as well as the constantly evolving environment across all pending and enacted legislation.
The launch of Accelus Compliance Manager for Insurance uses the tried and trusted technology that currently helps major banks with their compliance workflow. It will introduce defined workflow capabilities for the insurance industry that enable compliance executives in insurance to track relevant regulatory change, map and assign regulatory events to respective owners, document impact assessments, assign action plans, document and manage associated policies and controls, and provide reports to management and regulators. This workflow is powered by Thomson Reuters leading global regulatory intelligence for insurance, which includes latest updates, pending and final regulations, regulatory guidance, administrative codes, insurance bulletins, statutes, pending bills, enacted laws, agency guidance, and agency decision material from close to 2,000 state and federal regulatory bodies.
"Complexity in the insurance sector has been exacerbated by the recent financial crisis," said Mark Schlageter, managing director, Governance, Risk & Compliance. "As a result we have seen the Federal Insurance Office (FIO), created within the Department of Treasury, increase focus on regulatory gaps, and the international regulatory capital alignment project leading to the introduction of the Own Risk and Solvency Assessment regulatory reporting in the U.S. Consequently, some of the traditional and existing approaches of uusing spreadsheets and ad hoc processes to manage regulations, regulatory updates, impact assessments, policy management, compliance audits, and reporting to regulators will no longer scale to meet the new demands.
"Accelus Compliance Manager for Insurance will help insurance companies support the operation and governance of their enterprise-wide compliance programs, which regulators are demanding. The solution also streamlines the delivery of compliance objectives, allowing organizations to deliver improved business value," Schlageter continued.
The launch delivers another important milestone in the strategy and the vision behind the Thomson Reuters Governance, Risk & Compliance business and comes on the back of strong market validation with Thomson Reuters positioning in the Leaders Quadrant of Gartner's "Enterprise Governance, Risk and Compliance Platforms Magic Quadrant" report, and as category Leader in both the Chartis RiskTech Quadrant™ For Enterprise Governance, Risk And Compliance Systems and the Chartis RiskTech Quadrant™ for Operational Risk Management Systems.
Thomson Reuters Accelus dynamically connects business transactions, strategy and operations to the ever-changing regulatory environment, enabling firms to manage business risk. A comprehensive platform supported by a range of applications and trusted regulatory and risk intelligence data, Accelus brings together market-leading solutions for governance, risk and compliance management, global regulatory intelligence, financial crime, anti-bribery and corruption, enhanced due diligence, training and e-learning, and board of director and disclosure services.