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Hitec presents to the International Underwriting Association’s Compliance Committee highlighting the need for Policy & Procedure Management in a regulated environment

Hitec Laboratories (Hitec), a leading provider of Governance, Risk and Compliance (GRC) and Enterprise Content Management (ECM) software solutions, presented a case study to the International Underwriting Associations Compliance Committee, on the management of Policies and Procedures.

Chris Jones of the IUA comments: “We were pleased Hitec joined us at our latest Compliance Committee meeting. The demand for Policy Management in a regulated environment is growing as compliance challenges increase. Hitec understand the issues that organisations in heavily regulated markets are struggling with and provide the support that these businesses need.”

The case study, which was introduced by Andrew Bailey – Company Secretary & Compliance Officer - Legal and Regulatory Affairs Department at Markel International, included:

  • The challenges of communicating Policies effectively - organisations are acutely aware that an inconsistent approach to Policy Management leads to confusion for recipients and insufficient levels of governance and reporting for auditors and regulators - resulting in potentially damaging and costly compliance breaches;
  • Proving that Policies and Procedures have been understood and agreed to - in order to satisfy auditors and regulators and ensure Best Practice;
  • The implementation of Hitec’s Policy Lifecycle Management solution PolicyHub - a built for purpose, cost effective solution that protects businesses from serious risks by providing evidence of Best Practice.

Andrew Bailey comments:PolicyHub gives us a flexible, yet simple and effective solution for communicating Policies plus the certainty that they have been read and acknowledged by our staff and it also acts as a one-stop library of relevant Policies for each employee.”

Barny Brummell, Business Development Manager at Hitec comments:Increasing demands of statutory and regulatory legislation are proving a real challenge for the Insurance community. They are acutely aware that without clear Policies and Procedures to manage the governance, legal and regulatory challenges, their business is under significant risk and threatened by costly compliance breaches, leading to serious reputational and financial damage. We are working with a growing number of them who are looking for support in this area.”