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Wolters Kluwer Financial Services Helps Insurers Manage Daunting Tasks Related to Regulatory Change
NILS INcompass Enhancements Aim to Provide Greater Transparency into the Implementation of New and Proposed U.S. Insurance Laws and Requirements
WALTHAM, Mass. - Oct. 11, 2011 - Wolters Kluwer Financial Services announced today that it has released an updated version of its NILS INcompass solution to help insurance organizations better manage regulatory implementation risk and simplify the daily tasks faced by their compliance departments.
With 2011 on track to be another high volume year from a regulatory and legislative perspective, managing regulatory change has never been more critical to the insurance industry. During the first three quarters of 2011, state legislatures and Congress introduced nearly 11,000 bills affecting insurers. Additionally, more than 18,580 statutes, regulations and bulletins were newly created, revised or issued during that timeframe. As a result, the challenges of managing both the volume of activity and the required process implementation changes can be daunting for insurers.
NILS INcompass is a workflow tool that helps compliance and legal professionals monitor and implement ongoing regulatory changes within their insurance organizations. The solution also helps insurers keep track of their progress in applying new industry laws and regulations.
The latest NILS INcompass enhancements allow users to:
- Accomplish Required Tasks in Less Time - NILS INcompass offers new features that help compliance and legal staff to answer questions and complete tasks faster. This includes an alert-based feed of the latest regulatory changes, as well as proposed laws, based on specific criteria set by the organization. Users can sift through regulatory information faster, focusing on the developments that are applicable to their business. Additionally, Wolters Kluwer Financial Services’ insurance compliance experts provide summaries of regulatory changes, which helps lessen the amount of time spent on determining if or how a particular change will impact an organization.
- Gain Greater Control and a Clearer Picture of Risk - Users now have more options for handling regulatory implementations. NILS INcompass offers additional flexibility in deciding who is responsible for specific tasks and verifying regulatory changes have been addressed correctly. Additionally, cases are escalated in the workflow if deadlines or specific tasks are missed. Not only does this help in prioritizing actions that need to be taken, but it also helps insurers sharpen their focus on regulatory implementation risks.
- Increase Awareness of Compliance-Related Documents - Using NILS INcompass, compliance and legal professionals can easily distribute key information to multiple recipients within an organization, even when there is no specific action or task tied to it. This helps compliance departments ensure specific groups or individuals are aware of regulatory changes that affect their roles, while creating a permanent record of the communication for reporting purposes.
"By further embedding deep compliance expertise with new functionality in the NILS INcompass platform, we can help insurers gain confidence that new and changing laws and requirements are implemented throughout their organization," said Pam Ewing, general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services.
For more information about NILS INcompass, visit https://Insurance.WoltersKluwerFS.com/INcompass.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services is a comprehensive regulatory compliance and risk management business that helps financial organizations manage operational, compliance and financial risk and reporting, and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include: FRSGlobal, ARC Logics for Financial Services, PCi, Compliance Resource Network, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services supports its global customers with offices in more than 20 countries and is the world’s largest compliance and risk management business focused on financial services, with more than 15,000 banking, insurance and securities customers across the globe. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2009) €3.4 billion ($4.8 billion) and approximately 19,300 employees worldwide. Please visit our website for more information.
