Other parts of this series:
As digital capabilities expand across the insurance industry, so too do compliance risks. Michael Costonis shares priorities for insurers looking to manage the emerging risk landscape.
Enhanced analytics and visualization tools are providing insurers with new and better ways to identify, manage and report risks. But along with the availability of more sophisticated technology comes increasing compliance risks related to privacy, cyber risk and the use of digital channels.
For our Accenture 2016 Compliance Risk Study, we surveyed more than 150 compliance officers at financial institutions across the Americas, Europe and Asia-Pacific. Of concern, is that many respondents reported that their data and technology architecture does not meet their needs for managing the increasing compliance risks.
Watch this Insurance Insight of the Week video to learn what compliance officers see as their priorities in the coming year.
Technology changes seen as important by compliance officers
Clearly insurers and compliance leaders have work to do over the next 12 months—work that includes improving systems, adopting new tools, reorganizing their compliance operating model and recruiting new talent. Insurers who make these tasks a priority will be in the best position to meet the demands on compliance that continue to grow in scale and complexity. Learn more:
- Download Compliance at a Crossroads: One Step Forward, Two Steps Back? (PDF).
- View other Insurance Insight of the Week videos.
- Email me to discuss how Accenture can help insurers successfully manage increasing compliance risks.