By Sylvie MacKenzie, PMP on Apr 11, 2012
Written by Guest Blogger: Maureen Clifford, Sr Product Marketing Manager, Oracle
The pendulum of the regulatory clock is constantly in motion, albeit often not in any particular rhythm. Nevertheless, given what many insurers have been through economically, any movement can send shock waves through critical innovation and operational plans. As pointed out in Deloitte’s 2012 Global Insurance Outlook, the impact of regulatory reform can cause major uncertainty in the area of costs. As the reality of increasing government regulations settles in, the change that comes along with it creates more challenges in compliance and ultimately on delivering the optimum return on investment. The result of this changing environment is a proliferation of compliance projects that must be executed with an already constrained set of resources, budget and time.
Insurers are confronted by the need to gain visibility into all of their compliance efforts and proactively manage them. Currently that is very difficult to do as these projects often are being managed by groups across the enterprise and they lack a way to coordinate their efforts and drive greater synergies. With limited visibility and equally limited resources it is no surprise that reporting on project status and determining realistic completion of these projects is only a dream. As a result, compliance deadlines are missed, penalties are incurred, credibility with key stakeholders and the public is jeopardized and returns and competitive advantage go unrealized.
Insurers need to ask themselves some key questions:
Dealing with complying with regulatory efforts is a necessary evil. Don't let the regulatory pendulum sideline your efforts to generate the greatest return on investment for your key stakeholders.
- Do I have “one stop” visibility into all of my compliance efforts? If not, what can I do to change that?
- What is top priority and how does that impact my already taxed resources?
- How can I figure out how to best balance my resources to get these compliance projects done as well as keep key innovation and operational efforts on track?
- How can ensure that I have all the requisite documentation for each compliance project I undertake?