I was just alerted to a new survey that demonstrates that the bigger you are, the harder compliance gets.
A total of 291 financial executives or managers responded to the survey, including readers of Insurance Networking News.
Maybe the data on smaller firms isn't surprising, since they have a lot more to lose if they have a fraudulent account in their midst.
While compliance has been a core part of insurance operations for decades, there's been a surge in requirements within the past decade. Among various compliance regulations, Sarbanes-Oxley is considered the most difficult to deal with, as stated by 48% of respondents. The USA PATRIOT Act was a pain point for 33%. Seventy-seven percent predict regulations will only increase in the near term.
The issues around compliance are made more difficult by all the silos and disparate data that exist across enterprises. Just over half—56%—say they now have an enterprise-view of their data. That's not bad, but it still means 44% of companies are still dealing with silos. And there are many more silos within larger organizations.
Joe McKendrick is an author, consultant, blogger and frequent INN contributor specializing in information technology.
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