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Industry Challenge

With thousands of regulatory changes per year, insurers are challenged to effectively identify, document and summarize relevant changed or new regulations. Additionally, business requirements must be translated and communicated throughout the enterprise, all while tracking and validating completion of the associated work.

Increasing regulatory scrutiny, broader market conduct exams, and the burden of demonstrating a sound compliance methodology, exacerbate these challenges. Automated process management and superior regulatory content are needed to close the gap between inefficient manual processes and an integrated compliance program that drives efficient management of regulatory changes throughout the organization.

RegEd Solution

CODE Regulatory Change Management, powered by the Comply On Demand Enterprise (CODE®) Platform, is a fully integrated solution that streamlines the end-to-end process of managing regulatory change throughout the organization. CODE Regulatory Change Management facilitates a workflow-enabled, closed loop process that provides insurers with everything they need to be aware of, comply with, and demonstrate compliance with all relevant regulatory changes.

Regulatory Change Management Diagram

CODE Regulatory Change Management provides a highly configurable, workflow-enabled and content-rich solution that captures changes to rules, regulation and filing office procedure. The solution is powered by Regulatory Intelligence which delivers precise information and tasks to streamline the process of compliance.

Each regulatory change notification embeds relevancy check questions that enable the insurer to quickly and efficiently determine if the change is applicable based on the company’s lines of business, products sold and other relevancy factors. Regulatory changes delivered through the system include plain-language summaries and the specific requirements that must be fulfilled to maintain compliance in the form of actionable tasks and templates and other tools needed to efficiently fulfill the compliance obligation.

The solution’s robust workflow and task management capabilities enable a systemized process for managing regulatory change. Critical compliance documentation is captured in a central repository along with a full audit trail of the firm’s regulatory change management program. And, the system’s comprehensive reporting capabilities, which include standard reports, ad-hoc reporting and customizable dashboards, ensure that Compliance, Legal, Audit and business stakeholders have the critical compliance views they need.

CODE Regulatory Change Management stands alone in its ability to address the management of regulatory change through the delivery of actionable content, in a closed-loop process, across the enterprise. This unparalleled combination ensures broad adoption of the solution by compliance, legal and business users throughout the organization, which strengthens the firm’s compliance program, lowers compliance costs and reduces non-compliance risk.

Distinguishing Capabilities

  • Monitor and track new and changed regulations.
  • Regulatory Intelligence includes plain-language summaries, relevance questions, and actionable business requirements.
  • Tools and templates enable users to complete compliance tasks quickly and accurately.
  • Process management to assign, manage, monitor, and validate all activities related to regulatory changes.
  • CODE Compliance Portal to extend compliance oversight, including TPA’s, producers, and others not directly employed by the insurer.
  • Comprehensive reporting and dashboard capabilities.

Key Benefits

  • Stay up-to-date on regulatory changes that are relevant to the firm and have confidence that all stakeholders are apprised of the changes that impact firm policies and procedures.
  • Rapidly determine applicability and avoid time-consuming analysis.
  • Receive analysis in a form that is easily digestible by compliance and business employees.
  • Establish a repeatable change management methodology that closes the loop on the compliance lifecycle.
  • Increase preparedness for regulatory scrutiny with built-in audit trails, robust reporting, and risk profiling.

CODE Platform Capabilities

Comply On Demand Enterprise (CODE), RegEd’s Enterprise Insurance Compliance Management Platform, enables financial services firms to effectively and efficiently meet compliance obligations and proactively manage their compliance program, dramatically reducing the risk of non-compliance and related consequences.

The CODE Platform and its suite of integrated, for-purpose applications and proven, robust, compliance-optimized capabilities drive extraordinary efficiency and oversight and enable firms to establish consistent, repeatable compliance processes and ensure closed-loop compliance.

CODE’s rich task management capabilities provide visibility into the fulfillment status of compliance obligations to ensure that gaps are closed across the compliance lifecycle. Platform capabilities also include robust workflow management, automatic notifications and exception management, business process automation, compliance surveys and attestation management.

Applications present in a common interface, optimizing usability across the application suite. Compliance data is reused across multiple solutions and presented in consolidated dashboards that enable efficient execution of work processes and management by exception. Built-in audit trails, robust reporting and risk profiling enable ready preparedness for regulatory exams and position firms to better withstand the scrutiny of regulators.

CODE is fully configurable, scalable and extendable, to enable companies to cost-effectively build on the initial investment as their needs expand and evolve.

  • Regulatory Change Management
    Delivers actionable regulatory intelligence and enables insurers to be aware of, comply with, and demonstrate compliance with all relevant regulatory changes.
  • Policies and Procedures Management
    Provides enterprise workflow, work-process and task management to enable comprehensive, end-to-end administration and oversight of all elements of the firm’s policies and procedures.
  • Consumer Complaints Management
    Enables the firm to systematically capture, track and efficiently manage the resolution of consumer complaints..
  • Market Conduct Exam Management
    Provides the ability to effectively manage all tasks undertaken during the course of a regulatory examination.
  • Incident Management
    Enables the firm to capture, assign and track all incidents and installs an efficient process for undertaking remedial actions.

CODE Diagram, Regulatory Change Management