The first step of a risk-based approach to insurance compliance is to understand your risks, and then to develop an inventory of risks that exists across the operating areas of an insurance company.

NILS Risk Library allows insurers to quickly and effectively complete the risk identification process. By listing over 500 different risk factors, comprehensively cross reference to lines of business, functions, and NILS INsource’s proprietary thesaurus of index terms, the NILS Risk Library can serve as the central lens through which all your compliance activities can be viewed and prioritized. Plus, because the NILS Risk Library is derived from and cross-referenced to the NAIC’s Market Regulation Handbook, preparing for a potential market conduct exam is that much easier.

NILS Risk Library benefits include:

  • Ensuring that important risks are not overlooked
  • Establishing that a consistent manner of describing risks exists
  • Confirming that risks align with regulatory examination expectations

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