Sectors

OFAC and Governance, Risk and Compliance in the Insurance Industry

The regulatory terrain is evolving toward even more oversight for insurance agents, brokers, and the firms they represent. And with it, the industry is once again challenged to find more cost- and time-effective ways to meet and manage governance, compliance and risk obligations that include mandated OFAC screening.

Minimizing and streamlining workflow processes while mitigating risk and doing the right thing by the country means using tools that untangle legal requirements, provide the necessary content, and automate efficient and time-saving processes. With these in hand, there is more time to attend to core business, develop new strategies, and seek out growth opportunities.

Smart organizations look for solutions that streamline their processes and workflow and bring together a connected governance, risk and compliance strategy that insures their ability to thrive, even in the toughest business environments.

Visual OFAC directly addresses these needs by providing a purpose-built suite of solutions to help individuals and businesses:

  • Be up-to-date on the latest changes that may potentially impact your organization.
  • Easily train staff with provided content to ensure effective corporate governance and risk management.
  • Achieve higher efficiency and compliance assurance through workflow solutions that enable greater collaboration, transparency and accountability.
  • Track regulatory news and benefit from analysis provided by compliance experts.
  • Screen business entities and individuals against national and international sanction and enforcement lists.
  • Incorporate self-mandated or internal lists in the screening process for greater efficiency.
  • Maintain a comprehensive online database of proof of compliance.
  • Effectively and efficiently report to management, executives and boards on the status of compliance programs.