The insurance business has developed rapidly and has achieved remarkable results recently. With the optimization of China's legal environment, the era of all-weather supervision has come, and higher requirements have been placed on compliance management. Insurance companies have initially established a legal compliance management system. Currently, all compliance management work is carried out offline, which brings the greatest challenge to the group operation of the compliance management system. Therefore, establishing a compliance management platform, centralized management, online collaboration, and forming a solid starting point for compliance construction is needed. To give the corporate strategic guidance role, strengthen compliance management and control of subsidiaries, support active compliance management and Problem-oriented inspection, track and manage risks, effectively prevent compliance risks, and provide primary data for online risk control.
Compliance management is an integral part of the comprehensive risk management of insurance companies, and it is also a primary task for the implementation of effective internal control. In recent years, due to companies' out-of-control compliance risk management, insurance companies have successively experienced a series of significant financial and operational risk events. To standardize the governance structure and risk management, China Insurance Regulatory Commission promulgated the Compliance Management of Insurance Companies which requires insurance companies to establish and improve compliance management systems and organizational structures by regulations on January 4, 2017, clarify compliance management responsibilities, build a compliance management system, promote a compliance culture, effectively identify and proactively prevent and resolve compliance risks, and ensure the company's stable operation. Establish an effective compliance management information system to ensure that they can timely and accurately obtain the information needed for the company business, capital utilization, finance, essential management, and other compliance management work in the compliance management work. The construction of compliance information systems has increasingly become a necessary direction for insurance companies to improve compliance management.
Hank Times' compliance management platform products and solutions address the problems faced by insurance companies in legal compliance, combining advanced management concepts and our system and implementation experience to help ensure compliance management system facilitates the business development of insurance companies.
The management system of compliance will achieve the following 3 goals:
1. Comply with the regulations on the compliance management of information-building of The China Banking and Insurance Regulatory Commission (CBIRC)
2.Provide company with strategic guidance, strengthen compliance management of subsidiaries, support risk inspection, tracking and management , and provide primary data for online risk control and ensure the stable operation of enterprises and drive value innovation through compliance data.
3. With the development of compliance work, the legal compliance department of insurance companies urgently needs an information system to solve the problem of daily work timeliness. The system ensures timely and accurate guidance and supervision on business, finances and funds usage and essential management through compliance management