A survey of compliance leaders reveals a number of ways insurers can better manage risk and protect sensitive data. Michael Costonis explains in this Insurance Insight of the Week video.

The challenge of delivering best in class compliance risk management in an era of constrained resources is not insurmountable. But it requires making important choices about where limited investments should be placed to improve risk-based returns.

In our 2016 Compliance Risk Study, compliance officers revealed their thoughts on how to make better use of resources to meet their compliance objectives. Notably, 87 percent of respondents believe that senior data officers will emerge as a critical organizational link and 80 percent suggest that optimizing operations could help organizations better manage more complex risks.

Watch this Insurance Insight of the Week video to discover other ways insurers can better manage risk and protect sensitive data.

Compliance officers weigh in on the best ways to manage complex new risks

Data and technology are cornerstones of an effective compliance risk management framework, and so insurers must prioritize the development of high quality data and technology architecture, and support compliance officers with the right tools that can help link information and present a complete view of compliance’s health.

Compliance should also continue to innovate through technology as well as its operating model to improve productivity. Areas for consideration include leveraging centers of excellence, emerging industry utilities and business process outsourcing.

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