The aftermath of the pandemic has opened up new risks and brought new regulations to the insurance industry, at an unprecedented speed. Failure to comply with these new regulations and avoid common compliance mistakes can result in organizations garnering significant reputational and financial damage. And let’s not forget that recent regulation changes have put emphasis on holding senior compliance professionals personally accountable for non-compliance as well.
This scenario has dramatically accelerated digital transformation in this industry and is propelling organizations to quickly adopt new compliance technology in order to keep up with the pace of the market and regulators.
As 2023 approaches, it’s important for compliance professionals to take a look back at the year that is coming to an end and assess what compliance pitfalls prevented them from achieving their goals and develop a plan for how they can overcome these roadblocks in the new year.
