Lombard Risk Management plc (LSE: LRM), a leading provider of integrated regulatory compliance and collateral management for the financial services industry, showcased ComplianceASSESSOR compliance and audit solution to the insurance sector at the Association of British Insurers' biennial conference in London on Tuesday 9th July.
ComplianceASSESSOR - addressing regulatory risk. A compliance management tool, designed to enable firms to monitor and identify the state of compliance against any number of regulations, across an entire business.
The ABI conference is "the biggest and most significant gathering of insurers and stakeholders this side of the 2015 General Election, bringing together industry leaders, leading politicians and regulators to debate the major issues affecting the industry". The conference debated how the future business environment is being shaped by political, regulatory and economic developments, and sought to examine how insurers should best respond to the changing expectations of consumers.
Lombard Risk compliance business matter expert, David Wilford (Director of Compliance Products), and team were kept busy sharing their experience of helping financial institutions to meet the ever-increasing regulatory challenges now being experienced by insurers.
David Wilford, Director Compliance Products, Lombard Risk explains: "The banks are now under considerable pressure from the regulators to comply with all applicable laws and regulations, and for senior management and executives to take personal responsibility for non-compliance. These exact same pressures are now being applied to insurers.
Unfortunately, the vast majority of compliance functions in the banking sector, having suffered from a lack of investment over the years, are not in a position to address the new regulatory challenges without a significant change in their approach to compliance, and presumably the same situation exists in many parts of the insurance sector."
The Association of British Insurers (ABI) represents the UK's insurance, long-term savings and investment industry. As a forward-thinking organisation, the ABI works with government, regulators and policymakers - both in the UK and internationally - to ensure the insurance industry meets the highest standards.