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

NILS Risk Library

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.
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OneSumX for Compliance Program Management provides a comprehensive set of solutions for managing your organization’s regulatory compliance requirements.
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Frequently asked questions

  • Q1. What is NILS™ Risk Library?
    NILS™ Risk Library is a centralized repository of insurance regulatory risks aligned with industry standards such as NAIC guidance.
  • Q2. What risks are covered?
    It includes over 500 risks mapped across lines of business and functions.
  • Q3. How does it support risk based programs?
    It helps institutions identify, assess, and prioritize compliance risks.
  • Q4. Does it include cross referencing?
    Yes. Risks are cross referenced to regulatory requirements and business functions.
  • Q5. Who uses this solution?
    Compliance and risk professionals managing insurance compliance programs.

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