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Proactive Compliance Best Practices
AICP Gulf States E-Day • June 21, 2013
Jerry Shafran, CEO and Founder, Compliance Assurance
Corporation
A Reactive Approach to Regulatory Compliance
What does a “reactive” compliance program look
like?
What are the risks of reactive compliance?
What are the costs of reactive compliance?
A Proactive Approach to Regulatory Compliance
What does a “proactive” compliance program
look like?
What are the benefits of proactive compliance?
How do I ensure a proactive process?
- Yogi Berra, Baseball Legend, Great Philosopher
“If you don't know where you’re going, you'll end up someplace else.”
- Warren Buffet
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
- Kelli Jae Baeli
“That’s like leaping off a precipice and trying to knit yourself a parachute on the way down.”
We need a plan!
…Be aware of……Comply with……Demonstrate compliance…
Manual or Technology
Compliance Lifecycle Management: A Road Map
I. Identify & Document Regulatory ChangesII. Assess Relevance III. Translate Regulatory Changes into Business
RequirementsIV. Communicate V. Execute VI. Monitor & Validate VII. Report
Who am I?
Identify & Document Regulatory Changes
Why it’s so important.
Resources: Trade Websites, Software Solutions, Email
Notifications
Personnel: Intake Analysts, Paralegals, Attorneys,
Compliance Staff
Best Practices
Audience Question:What imaginative ways do you use to look for Regulatory changes?
Assess Relevance to Your Organization
Why it’s so important.
Criteria: Line of Business, Jurisdiction, Premiums
Written, etc.
Personnel: Compliance Staff, Paralegals, Attorneys &
General Counsels
Best Practices
Trivia: How many regulatory changes take place in an average year?
a) 1,000-2,000
b) 2,000-3,000
c) 3,000-4,000
d) 4,000+
Translate Regulatory Change into Business Requirements
Why it’s so important.
Personnel & Resources: Compliance Staff, Business
Unit Management, Attorneys, Software/Third Party
Solutions
Best Practices
Could Compliance Drive more Value by Translating Incoming Regs. into Business Requirements?
Corporate Battle Cry.. Heard Across This Great Nation
You have to do more with less!
Communicate
Why it’s so important.
Personnel: Compliance Staff, Business Unit
Management
Tools: Email, Meetings, Policy Updates, Internal
Network, Third Party Software
Best Practices
Audience Question:Can you discuss your firms perspective onProducer/TPA compliance liability?
Execute
Why it’s so important.
Personnel: Business Unit Employees, NATP’s, Agents,
Distribution Network, Compliance Staff
Best Practices
Monitor & Validate
Why it’s so important.
Personnel: Compliance Staff (Senior), Business Unit
Management, Executive Management
Tools: Software/Third Party Solution, Internal
Monitoring Controls
Best Practices
Report
Why it’s so important.
Personnel: Compliance Staff (Senior), Business Unit
Management, Executive Management
Tools: Software/Third Party, Internal System
Best Practices
Compliance Lifecycle Management: A Road Map
I. Identify & Document Regulatory ChangesII. Assess Relevance III. Translate Regulatory Changes into Business
RequirementsIV. Communicate V. Execute VI. Monitor & Validate VII. Report
Q&A
Thank You!
Jerry Shafran, CEO, Compliance Assurance CorporationEmail: [email protected]
Web: www.complyfast.com
