A new survey from EY on chief compliance officers (CCO) focuses on the growing issues compliance teams face as the needs of insurance carriers evolve.
The survey interviewed CCOs from 20 insurance providers across the globe, and inquired about specific trends that have changed the CCO role. Seven topics were chosen as a baseline for the survey. They include: Role and stature of the compliance function, compliance management, compliance MI and reporting, regulatory interaction, consumer protection, technology use, and future outlook.
The survey found that while compliance is a major part of insurance providers' current and future control networks, it is often seen as a "second line" control function. Yet, 75 percent of CCOs surveyed say that first line managers had compliance-related annual objectives.
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