The Connection Magazine AIM MUTUAL Fall 2019 - Page 6

MATTERS OF COMPLIANCE Putting Compliance in the Spotlight BY ROBIN D’ERI AND JODI WILLIAMS WANT TO make a room full of insurance professionals shudder? Whisper the word compliance. It makes them feel like the doomed character in a horror movie: the doors and windows are all locked, but the poor soul forgot about the basement and trouble is about to come crashing in. A team of employees at A.I.M. Mutual was tasked with reviewing the compliance process as part of a larger group called P.R.I.M.E. (Performance- R e s u l t s - I n n o v a t i o n - M a n a g e m e n t- Excellence). Wendy Rosati, Michael Stango, Chris Moncada, Colleen Welch, and Robin D’Eri explored how the company handles compliance on an individual, department, and corporate level and then provided recommendations to senior leadership. “From an IT perspective, I think it was important to review our current systems and identify what areas need the most attention in terms of compliance,” said Michael Stango, IT Manager. “What processes and procedures were quantifiable in terms of being in compliance, and where does the data reside?” Defining the Process Wendy Rosati, Injury Prevention & Worksite Wellness Supervisor, spoke about implementation: “Audits by department help identify areas to improve processes, provide formal rules, and fully define employee responsibilities and training opportunities.” To start, the group conducted surveys by department and examined industry compliance forums. They quickly concluded that the best way to flag any duplication of effort was to get a standardized system in place. What’s more, it was going to be a full-time job. The volume of statutory and bureau information alone was staggering; it applied to different process areas at 6 different times in a policy’s lifespan. Ultimately, the recommendation to senior leadership was to create a new role within the company’s finance department. They agreed. Compliance as a Spectrum Compliance is not black-or-white, right- or-wrong as some might think. Instead, compliance should be thought of as a spectrum where individual efforts happen alongside collaborative ones. Combined, there is significant forward progress, boosting the level of compliance. As a result of the work by our P.R.I.M.E. group and the framework established by a third-party consultant firm, we identified specific areas in which to centralize our efforts. The firm helped evaluate current compliance efforts. Areas of focus included contract management, state filings, complaint handling, and marketing materials. As a company, we have done good work in each of these respective