Comply On Demand Enterprise (CODE) platform enables insurers to effectively manage risk by automating regulatory change management processes
Compliance Assurance Corporation (CAC), a leading provider of regulatory compliance solutions for the insurance industry, has announced that multi-national life insurance provider Foresters™ has selected CAC’s Comply On Demand Enterprise (CODE) platform to minimize risk exposure and maintain compliance with insurance regulation in the United States.
Founded in 1874, Foresters shares its financial strength with over one million members in Canada, the United States and the United Kingdom. More than an insurance provider, Foresters is a fraternal benefit society and has assets of $9 billion and liabilities of $7.5 billion (Canadian dollars, as of Dec 31, 2012), and maintains an "A" (Excellent) rating by A.M. Best1.
Foresters will benefit from CODE’s ability to deliver timely regulatory notifications and analysis, specifically tailored to Foresters line of business. CODE translates regulatory changes into actionable tasks, which can then be assigned, managed, and tracked through completion.
According to Laura Bullard, Director, Regulatory and Business Compliance at Foresters, “The comprehensive nature of the CODE platform is what drew us to CAC’s solution. A more streamlined regulatory change management process that mitigates enterprise-wide regulatory risk will allow us to continue our strong growth trajectory while supported by a sound compliance methodology.”
CAC has a team of legal and regulatory experts that continually monitor the regulatory landscape and distill regulatory changes into content that is actionable for both compliance and business owners. CODE also provides users the tasks and tools necessary to complete the work associated with regulatory changes.
“In strengthening an insurer’s compliance program, CODE increases efficiency while reducing compliance costs and regulatory risk,” explains Jerry Shafran, CEO of CAC. “We are excited to partner with an insurer with such a strong track record and look forward to assisting the team in making compliance a more valuable part of their business.”