Presentation is loading. Please wait.

Presentation is loading. Please wait.

Proactive Compliance Best Practices AICP Gulf States E-Day June 21, 2013 Jerry Shafran, CEO and Founder, Compliance Assurance Corporation.

Similar presentations


Presentation on theme: "Proactive Compliance Best Practices AICP Gulf States E-Day June 21, 2013 Jerry Shafran, CEO and Founder, Compliance Assurance Corporation."— Presentation transcript:

1 Proactive Compliance Best Practices AICP Gulf States E-Day June 21, 2013 Jerry Shafran, CEO and Founder, Compliance Assurance Corporation

2 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?

3 - Yogi Berra, Baseball Legend, Great Philosopher “If you don't know where you’re going, you'll end up someplace else.”

4 - Warren Buffet “Someone’s sitting in the shade today because someone planted a tree a long time ago.”

5 - Kelli Jae Baeli “That’s like leaping off a precipice and trying to knit yourself a parachute on the way down.”

6 We need a plan! …Be aware of… …Comply with… …Demonstrate compliance… Manual or Technology

7 Compliance Lifecycle Management: A Road Map I.Identify & Document Regulatory Changes II.Assess Relevance III.Translate Regulatory Changes into Business Requirements IV.Communicate V.Execute VI.Monitor & Validate VII.Report

8 Who am I?

9 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?

10 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

11 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+

12 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!

13 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 on Producer/TPA compliance liability?

14 Execute  Why it’s so important.  Personnel: Business Unit Employees, NATP’s, Agents, Distribution Network, Compliance Staff  Best Practices

15 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

16 Report  Why it’s so important.  Personnel: Compliance Staff (Senior), Business Unit Management, Executive Management  Tools: Software/Third Party, Internal System  Best Practices

17 Compliance Lifecycle Management: A Road Map I.Identify & Document Regulatory Changes II.Assess Relevance III.Translate Regulatory Changes into Business Requirements IV.Communicate V.Execute VI.Monitor & Validate VII.Report

18 Q&A

19 Thank You! Jerry Shafran, CEO, Compliance Assurance Corporation Email: jshafran@complyfast.com Web: www.complyfast.com


Download ppt "Proactive Compliance Best Practices AICP Gulf States E-Day June 21, 2013 Jerry Shafran, CEO and Founder, Compliance Assurance Corporation."

Similar presentations


Ads by Google