Since 2013, Accenture has been surveying leading compliance officers in insurance and across financial services. The 2018 Compliance Risk Study shows a continued trend towards innovation-fueled compliance strategies, as insurers adapt to the changing risk management landscape in a digital era.
The 2018 Compliance Risk Study identified key obstacles to the compliance function achieving its strategic goals of becoming a risk advisor, regulatory change overseer, and surveillance agent. The most notable of these obstacles are a skills gap and lack of data quality. Emerging risks, such as the proliferation of virtual currencies, require a proactive, modular approach to digital transformation. Failing to implement such an approach may hinder insurers’ growth. We’re seeing industry leaders adopt a mix of three investment approaches to insurance compliance: building in-house capabilities, buying end-to-end solutions and subscribing to managed services and industry utilities.