Current organizational processes for managing regulatory change are falling short for insurers, according to recent survey results. Compliance Assurance Corporation (CAC) conducted a poll during “Managing the Hydra of Regulatory Change,” the first installment of CAC’s Compliance 2.0 webinar series. The provider of regulatory compliance solutions for the insurance industry asked attendees to classify their organizations’ processes using a five-level governance, risk management and compliance (GRC) framework to measure the maturity of an organization’s process for managing regulatory change in the context of a dynamic and shifting regulatory environment. The framework, from analyst firm GRC 20/20 Research, includes the levels of ad hoc, fragmented, managed, integrated and intelligent.
While the most respondents (35 percent) classified their regulatory change management approach as managed — the mid-range of the maturity model — 28 percent of the 50 respondents identified their processes as being aligned on the fragmented level of the scale. The fragmented level is characterized by a lack of consistent structure, lack of institutionalized processes for sharing regulatory information and disjointed use of technology. Limited oversight and accountability is also typical of firms taking a fragmented approach to managing regulatory change.
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