The insurance industry has always had to follow a strict regime in the area of regulatory compliance. As part of this, companies need to produce reports to notify the management of any non-compliance. They are also required to present evidence to internal decision makers as well as external auditors, proving the existence of all required controls.

The challenge before insurance companies lies in working out a solution that can help them in complying with existing and new regulatory compliance laws. NIIT Technologies has the expertise and the experience to enable this in a cost-effective manner.

Solutions

NIIT Technologies helps customers develop comprehensive reporting applications for regular reviews of all financial systems in the following ways:

• Assisting customers with audit reports for SOX, AML, OFAC, etc.
• Assessing current and future regulatory risks
• Identifying non-compliance in financial systems
• Analyzing gaps in compliance within financial systems
• Enhancing IT governance

Business Benefits

NIIT Technologies’ reporting applications bring the following business benefits to you:

• Quicker identification and elimination of current and future regulatory risks
• On time audit reporting for regulatory norms like SOX, AML, OFAC, etc
• Averting financial risks by timely identification of non-compliance in financial systems
• Substantial cost savings by enhanced IT governance

Success Stories

OFAC Regulatory Reporting for a key insurance client

As part of the Patriot Act that was implemented after 9/11, it was requested that a listing of all participants (owners) on active accounts be provided, from all systems within the client's financial institution.

The client engaged NIIT Technologies to understand the business requirements, extract all account owners from diverse systems and compare the account owners with the Specially Designated Nationals and Blocked Persons list (SDN list) to see if they have any substantial dollar amounts within the company.

Impact

• Client gets appropriate business alerts if any of their customers match with the SDN List
• Provide the requisite regulatory reports for OFAC