Risk is an inherent component of any business. Due to the changing landscape of corporate risks, companies must be capable of not only identifying and reacting to risks, but also foresee them. Risk and compliance management is a must for insurers as they deal with their clients’ risks on a daily basis. There can be no trust in an insurance company that can’t manage its own corporate risks.
To perform the strategic functions of risk and compliance management, an insurance organization must:
- Detect any non-compliance with laws, norms and regulations
- Detect violations of corporate security policies
- Prevent the leakage of at-risk data
- Mitigate insider threats
- Lessen risks of fraud
- Increase employee loyalty
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The demands on risk and compliance management of insurance organizations have changed significantly, as new risks emerge and insiders update the tricks they use.
In order to not lose clients and remain prepared for risks, an insurance company needs to monitor the following:
- Client databases
- Market analysis and research on market conjuncture
- Information on partners and intermediaries
- Tariff policy, including insurance rates
- Salary provisions (information on interest received, working conditions, etc.)
- Internal audit reports
- The company's strategic plans
- Commercial correspondence
- Personal data
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