Insurance Companies use policyIQ to pull together various compliance programs. So can you.

policyIQ customers can be found in practically every industry – and every industry is unique.  One common thread that runs through all policyIQ customers, however, is the desire to better manage organizational content to build more efficient and more effective compliance programs.

When you think about an industry that requires strong compliance programs, the insurance industry is likely top of mind for many.  Few industries are more regulated. For U.S. insurance companies, there are both federal and state-level regulations that must be met, with each state often implementing slightly different requirements. Just some of the requirements at a national level include:

1.)   Sarbanes-Oxley – for all publicly traded companies, including any publicly traded insurance organization.

2.)   Model Audit Rule – the National Association of Insurance Commissioners’ regulations that are very similar to those in the Sarbanes-Oxley Act, but apply to both public and private insurance companies.

3.)   US Patriot Act’s Anti-Money Laundering requirement – required for any insurance company that deals in certain types of transactions, such as long-term life insurance.

For insurance companies, policyIQ offers a compliance management solution that can pull those efforts together and make the process more efficient.

Managing multiple compliance efforts in one policyIQ site isn’t rocket science.

Here are just a few of the policyIQ features that provide efficient compliance management for the insurance industry or for ANY organization struggling with multiple compliance efforts:

  • Create Folder hierarchies for each area of compliance

Each regulatory body may want to look at your information in a slightly different way.  Use policyIQ Folders to create an organizational structure for each area of compliance that corresponds to the way their auditors will most likely want to review it.  Would that be by physical location?  By major business area?  By type of insurance policy? 

Remember that policyIQ content (Pages and Files) can be indexed into multiple Folders.  If procedures or controls apply to more than one compliance program – don’t document and test them twice.  Simply index the control and test results into each folder where appropriate.  This will save time (and money!) – while reducing the possibility of conflicting documentation.

  • Use a Multi-Select List field to check off the compliance programs to which the documentation applies

When you are looking at any given document or Page in your compliance program, you may need to know which of the other compliance programs this item relates to.  You might consider having a multi-select list field that allows the individual creating and editing the information to check off other compliance programs the item applies to.  When testing – or creating test plans – the team will know immediately what testing standards they should consider based on which regulatory bodies will be doing the audit.

  • Link items together – even across compliance programs

Linking Pages in policyIQ is a critical function that allows you to report on – for example – which Controls you have in place that mitigate a specific Risk, or which Policies govern a specific Regulation.  Link your Controls to Risks – even if they are documented for different compliance programs.  Your reporting function can always bring those linked documents back together for you to gain a complete picture of your organization.

  • Use policyIQ to manage your Strategic Planning and Enterprise Risk Management program

Compliance programs might seem like they are an effort in documentation, but the underlying advantage is to be more aware of what happens in the organization on a daily basis – and to make better decisions.  Expand that effort to your Strategic Planning and Enterprise Risk Management programs, as well.  With all of the information in one central place, you can provide a clear picture across all areas of risk and compliance.

  • Don’t forget to document Corporate Policies and Procedures

Of course, compliance starts with the basics – solid corporate policies and documented procedures.  Do your employees clearly understand their expected behavior?  Is your Code of Conduct and Ethics Policy clearly stated and available to all?  Use policyIQ to document those aspects of your Corporate Governance program – and use free read-only access to make it available to all of your employees worldwide! 

 The insurance industry may be unique in that it is highly regulated, with decentralized regulatory bodies.  But it’s not alone.  All organizations, regardless of their industry, are likely to be subject to a variety of compliance regulations.  Pull it all together for efficiency and build a highly effective program in policyIQ!

If you have any questions about how to implement such a program in your organization – or if you’d like to know more about how Resources can help your organization pull together multiple compliance programs – contact us at support@policyIQ.com.

This entry was posted in Industry News and tagged , , , , by Chris Burd. Bookmark the permalink.

About Chris Burd

Chris is the Managing Director of the policyIQ group at RGP. She gets geeky about compliance and technology, and gets to spend every day working at the crossroads of the two. With policyIQ since 2005, Chris has worked with hundreds of policyIQ clients to implement technology and enhance their internal compliance environment. In the past few years, she's focused on enhancing policyIQ's offering as a Conflict Minerals and Anti-Corruption tool. In past lives, Chris worked as a system implementation consultant, a e-commerce specialist, a customer service call center manager, and - for one short but memorable summer during high school - a machine operator on midnight shift in a plastics factory. In her free time, she spoils her nieces, volunteers at her local food bank, and spends more time than she should taking photos of her cats. She would like to be a rock star when she grows up.

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