Authoritative Source Library helps insurers more effectively monitor and manage regulatory changes key to their business
Wolters Kluwer Compliance Solutions has launched the NILS™ Feed ASL, an Authoritative Source Library (ASL) that continually tracks the development and movement of statutory and regulatory compliance requirements applicable to the business of insurance. The NILS Feed ASL provides U.S. insurers the unique ability to map activities in their governance, risk & compliance systems to the relevant statutes and regulatory material, driving greater insights into how each element of their regulatory program impacts other elements.
Providing inherent connectivity via direct links to relevant citations maintained in the system’s authoritative source library allows for a centralized, automated platform that enables insurers to map relevant laws and regulatory developments to specific activities, processes and lines of business within their organization. Ultimately, NILS Feed ASL provides insurers an enterprise-wide view into how any one regulatory requirement, event, or activity is connected to or impacted by another.
“This capability is a game changer for insurers and is, to our knowledge, the only such technology available to provide insurers with a holistic, current view of the relevant laws and regulations across U.S. jurisdictions in which they operate,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Any given section of law has the potential for multiple connection points within an insurer’s compliance operations. Our product provides immediate connectivity and insight across the enterprise in helping manage a constantly changing landscape of related insurance laws and regulations, empowering insurers to more effectively manage their compliance obligations.”
For managing regulatory changes, NILS Feed ASL provides a structure where the evolving regulatory change activities that pertain to a specific citation can be easily identified. For complaint management, it helps identify issues that may need a higher priority if they are of a recurring nature or have been the subject of market conduct actions. From a risk assessment perspective, the tool provides visibility as to where a particular citation is impacting the organization across lines of business, enabling allowing insurers to be responsive to those impacts across their GRC operations in an efficient manner.
