Proactive Compliance Best Practices

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Proactive Compliance Best Practices

AICP Gulf States E
-
Day • June 21, 2013

Jerry
Shafran,
CEO and Founder
,
Compliance Assurance
Corporation

A
Reactive

Approach to Regulatory Compliance


What does a “reactive” compliance program look
like?


What are the risks of reactive compliance?


What are the costs of reactive compliance?

A
Proactive

Approach to Regulatory Compliance


What does a “proactive” compliance program
look like?


What are the benefits of proactive compliance?


How do I ensure a proactive process?

-

Yogi Berra, Baseball Legend, Great Philosopher

“If you don't know where
you’re going,
you'll
end up someplace else.”

-

Warren Buffet

“Someone’s sitting in the shade today because
someone planted a tree a long time ago.”

-

Kelli Jae
Baeli

“That’s like leaping off a precipice and trying to
knit yourself a parachute on the way down.”

We need a plan!

…Be aware of…

…Comply with…

…Demonstrate compliance…

Manual or Technology

Compliance Lifecycle Management: A Road Map

I.
Identify & Document Regulatory Changes

II.
Assess Relevance

III.
Translate Regulatory Changes into Business
Requirements

IV.
Communicate

V.
Execute

VI.
Monitor & Validate

VII.
Report


Who am I?

Identify & Document Regulatory
Changes


Why it’s so important.


Resources
: Trade Websites, Software Solutions, Email
Notifications


Personnel
: Intake Analysts, Paralegals, Attorneys,
Compliance Staff


Best Practices


Audience
Question
:

What
imaginative ways do you
use to look for Regulatory
changes?

Assess Relevance

to Your Organization


Why it’s so important.


Criteria
: Line of Business, Jurisdiction, Premiums
Written, etc.


Personnel
: Compliance Staff, Paralegals, Attorneys &
General Counsels


Best Practices

Trivia
:
How many regulatory
c
hanges take place in


an average year?

a)
1,000
-
2,000

b)
2,000
-
3,000

c)
3,000
-
4,000

d)
4,000+

Translate Regulatory
Change
into
Business Requirements


Why it’s so important.


Personnel & Resources
: Compliance Staff, Business
Unit Management, Attorneys, Software/Third Party
Solutions


Best Practices

Could Compliance Drive more

Value by Translating Incoming
Regs
.
into Business Requirements?

Corporate
B
attle Cry.. Heard Across
This Great Nation


You have to do more with less!

Communicate


Why it’s so important.


Personnel
: Compliance Staff, Business Unit
Management


Tools
: Email, Meetings, Policy Updates, Internal
Network, Third Party Software


Best Practices


Audience Question
:

Can
you discuss your firms perspective on

Producer/TPA compliance liability?

Execute


Why it’s so important.


Personnel
: Business Unit Employees, NATP’s, Agents,
Distribution Network, Compliance Staff


Best Practices

Monitor & Validate


Why it’s so important.


Personnel
: Compliance Staff (Senior), Business Unit
Management, Executive Management


Tools
: Software/Third Party Solution, Internal
Monitoring Controls


Best Practices

Report


Why it’s so important.


Personnel
: Compliance Staff (Senior), Business Unit
Management, Executive Management


Tools
: Software/Third Party, Internal System


Best Practices

Compliance Lifecycle Management: A Road Map

I.
Identify & Document Regulatory Changes

II.
Assess Relevance

III.
Translate Regulatory Changes into Business
Requirements

IV.
Communicate

V.
Execute

VI.
Monitor & Validate

VII.
Report


Q&A

Thank You!

Jerry
Shafran,
CEO
, Compliance Assurance
Corporation

Email
: jshafran@complyfast.com

Web
:

www.complyfast.com