Boston — The rise of government-mandated compliance regulations, coupled with the increasing need to safeguard sensitive data, is forcing organizations to reconsider how their data is stored, accessed, secured and managed, according to research from Boston-based research firm, Aberdeen Group Inc. Inherently linked to this challenge is the need to objectively assess and proactively manage the growing number of risks prevalent in the market. The report, “GRC Strategic Agenda: The Value Proposition of Governance, Risk and Compliance,” highlighted a survey of more than 800 global organizations—including 95 insurers.
“One of the biggest differences between the insurance industry and others, particularly those outside the financial services realm, is the sheer number of governmental and industry-specific regulatory requirements they must comply with,” says Stephen Walker, research associate at Aberdeen and author of the report. “Addressing these compliance requirements is especially problematic for large insurers. In addition to complex overarching federal regulations, individual states have their own requirements that differ, often dramatically, depending on a variety of factors. It’s common for a mid- to large-size insurer to have to adjust to hundreds of new regulations a month, while continuing to comply with existing regulations.”
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