New York - In the face of these ever-growing business challenges and public scrutiny, it's time for insurers to take compliance to the next level, said Glenn Pomeroy, vice president of governmental relations and compliance at GE Insurance Solutions. Pomeroy addressed The 2nd Annual Forum on Regulatory Compliance in New York.Pomeroy, a former NAIC president and state insurance commissioner, outlined the components of a traditional compliance program: leadership commitment, employee engagement and a system to detect potential problems, address them and ensure ethical and lawful behavior.
"Traditional world-class compliance has served companies well, but in today's environment it's not enough to be vigilant and corrective," said Pomeroy. "We must anticipate the unanticipated. Challenge all norms."
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