With expanded regulations going into effect in many industries, including insurance, organizations must not only show that they have compliance and ethics programs in place, but also be able to demonstrate that their programs are working. The regulatory scrutiny of such programs is shifting from a focus on policies, procedures, and retrospective audits to proactive measures of effectiveness and desired results. Many insurance companies now seek to implement measurements that will help them prove that employees understand the importance of compliance and ethics in the workplace.
Great Expectations
With heightened expectations of governance and transparency, financial services and insurance are at the forefront of this regulatory compliance evolution. Regulators are working hard to prevent organizations from just going through the motions of compliance and are instead requiring them to exhibit the substance behind their programs.
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