Thomson Reuters Launches Accelus Compliance Manager for Insurance
(Thomson Reuters ONE) -
Solution to help insurance firms manage the impact of regulatory change and
reduce compliance risk
New York, April 10, 2013 - Thomson Reuters, the world's leading source of
intelligent information for businesses and professionals, today announced the
launch of Accelus Compliance Manager for Insurance, a solution that enables
U.S.-based insurance organizations to manage the impact of regulatory change on
their business and mitigate the increasing amount of compliance risk to which
they are exposed.
The U.S. insurance industry faces a rapidly changing regulatory environment that
is made particularly challenging due to its multi-layered supervisory framework
that includes state- and federal-level regulation, as well as legislation and
essential industry guidance. With typically over 22,000 laws passed and over
275,000 pending bills each year, it is becoming increasingly difficult for
compliance managers to stay abreast of insurance industry-specific changes as
well as the constantly evolving environment across all pending and enacted
legislation.
The launch of Accelus Compliance Manager for Insurance uses the tried and
trusted technology that currently helps major banks with their compliance
workflow. It will introduce defined workflow capabilities for the insurance
industry that enable compliance executives in insurance to track relevant
regulatory change, map and assign regulatory events to respective owners,
document impact assessments, assign action plans, document and manage associated
policies and controls, and provide reports to management and regulators. This
workflow is powered by Thomson Reuters leading global regulatory intelligence
for insurance, which includes latest updates, pending and final regulations,
regulatory guidance, administrative codes, insurance bulletins, statutes,
pending bills, enacted laws, agency guidance, and agency decision material from
close to 2,000 state and federal regulatory bodies.
"Complexity in the insurance sector has been exacerbated by the recent financial
crisis," said Mark Schlageter, managing director, Governance, Risk & Compliance.
"As a result we have seen the Federal Insurance Office (FIO), created within the
Department of Treasury, increase focus on regulatory gaps, and the international
regulatory capital alignment project leading to the introduction of the Own Risk
and Solvency Assessment regulatory reporting in the U.S. Consequently, some of
the traditional and existing approaches of using spreadsheets and ad hoc
processes to manage regulations, regulatory updates, impact assessments, policy
management, compliance audits, and reporting to regulators will no longer scale
to meet the new demands.
"Accelus Compliance Manager for Insurance will help insurance companies support
the operation and governance of their enterprise-wide compliance programs, which
regulators are demanding. The solution also streamlines the delivery of
compliance objectives, allowing organizations to deliver improved business
value," Schlageter continued.
The launch delivers another important milestone in the strategy and the vision
behind the Thomson Reuters Governance, Risk & Compliance business and comes on
the back of strong market validation with Thomson Reuters positioning in the
Leaders Quadrant of Gartner's "Enterprise Governance, Risk and Compliance
Platforms Magic Quadrant" report, and as category Leader in both the Chartis
RiskTech Quadrant(TM) For Enterprise Governance, Risk And Compliance Systems and
the Chartis RiskTech Quadrant(TM) for Operational Risk Management Systems.
Thomson Reuters Accelus dynamically connects business transactions, strategy and
operations to the ever-changing regulatory environment, enabling firms to manage
business risk. A comprehensive platform supported by a range of applications and
trusted regulatory and risk intelligence data, Accelus brings together market-
leading solutions for governance, risk and compliance management, global
regulatory intelligence, financial crime, anti-bribery and corruption, enhanced
due diligence, training and e-learning, and board of director and disclosure
services.
Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for
businesses and professionals. We combine industry expertise with innovative
technology to deliver critical information to leading decision makers in the
financial and risk, legal, tax and accounting, intellectual property and science
and media markets, powered by the world's most trusted news organisation. With
headquarters in New York and major operations in London and Eagan, Minnesota,
Thomson Reuters employs approximately 60,000 people and operates in over 100
countries. Thomson Reuters shares are listed on the Toronto and New York Stock
Exchanges. For more information, go to http://thomsonreuters.com.
CONTACTS
Alan Duerden
PR Director, GRC & Marketplaces
+44 20 7542 0561
+44 7825282483
alan.duerden(at)thomsonreuters.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Thomson Reuters Corporation via Thomson Reuters ONE
[HUG#1691577]
Unternehmensinformation / Kurzprofil:
Datum: 10.04.2013 - 10:00 Uhr
Sprache: Deutsch
News-ID 247591
Anzahl Zeichen: 6064
contact information:
Kategorie:
Business News
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