Regulatory risk is not unique to the insurance or finance sectors, but it is significant within these industries.
Capital requirements, tax reform, accounting rules, actuarial valuation, sales suitability, cyber mandates, policy illustration requirements, privacy laws, SEC regulation, and the Affordable Care Act are all examples of changes in the regulatory landscape that have created significant risk for insurers over the last few years.
Insurance and financial companies must appropriately implement change, remain compliant, and demonstrate compliance through auditable processes and documentation. As importantly, management must consider how to strategically incorporate these mandated changes into the business model and create competitive advantages where possible.
Foresight is deeply connected to the changing regulatory landscape through professional associations, industry groups, ongoing conversations with regulators and industry, and active participation in industry, professional and regulatory meetings. Whether you are looking to remain compliant with changes, or you would like to find strategic opportunities to capitalize on changes, Foresight can help educate you and determine the best solutions for your business.