Thomson Reuters have launched Accelus Compliance Manager for Insurance, a solution that enables U.S.-based insurance organizations to manage the impact of regulatory change on their business and mitigate the increasing amount of compliance risk to which they are exposed.

The U.S. insurance industry, like corporate treasury, faces a rapidly changing regulatory environment that is made particularly challenging due to its multi-layered supervisory framework that includes state- and federal-level regulation, as well as legislation and essential industry guidance. With typically over 22,000 laws passed and over 275,000 pending bills each year, it is becoming increasingly difficult for compliance managers to stay abreast of insurance industry-specific changes as well as the constantly evolving environment across all pending and enacted legislation.

The launch of Accelus Compliance Manager for Insurance uses the tried and trusted technology that currently helps major banks with their compliance workflow. It introduces defined workflow capabilities for the insurance industry that enable compliance executives in insurance to track relevant regulatory change, map and assign regulatory events to respective owners, document impact assessments, assign action plans, document and manage associated policies and controls, and provide reports to management and regulators. This workflow is powered by Thomson Reuters global regulatory intelligence for insurance, which includes latest updates, pending and final regulations, regulatory guidance, administrative codes, insurance bulletins, statutes, pending bills, enacted laws, agency guidance, and agency decision material from close to 2,000 state and federal regulatory bodies.

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Thomson Reuters Accelus dynamically connects business transactions, strategy and operations to the ever-changing regulatory environment, enabling firms to manage business risk. Surely, this is what the corporate treasury department also needs?