How leaders invest in insurance compliance
April 16, 2018
April 16, 2018
Since 2013, Accenture has been surveying leading compliance officers in insurance and across financial services. The 2018 Compliance Risk Study shows a continued trend towards innovation-fueled compliance strategies, as insurers adapt to the changing risk management landscape in a digital era.
89%
With 89% of respondents across financial services indicating that investment in compliance will rise over the next two years, setting a strategy is more crucial than ever.
The 2018 Compliance Risk Study identified key obstacles to the compliance function achieving its strategic goals of becoming a risk advisor, regulatory change overseer, and surveillance agent. The most notable of these obstacles are a skills gap and lack of data quality. Emerging risks, such as the proliferation of virtual currencies, require a proactive, modular approach to digital transformation. Failing to implement such an approach may hinder insurers’ growth. We’re seeing industry leaders adopt a mix of three investment approaches to insurance compliance: building in-house capabilities, buying end-to-end solutions and subscribing to managed services and industry utilities.
No single strategy emerges as the best. An integrated strategy that combines approaches can position compliance functions to achieve their desired outcomes while remaining agile. An innovation-driven mindset regarding operating models, technology and talent is key as insurers work to maintain focus amid increasing volatility and complexity. Read more about the 2018 Compliance Risk Study: Comply & Demand.
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