US-based StoneRiver Risk and Compliance (SRC) has closed the acquisition of Compliance Assurance Corporation (CAC), as part of a strategy to expand its compliance and risk management solutions for the insurance industry.
SRC provides several compliance technology solutions and services to insurance carriers and distributors, such as insurance brokers and broker-dealers.
CAC is known for its flagship product Comply On Demand Enterprise (CODE), which offers timely regulatory notifications and updates that are customised to the insurer’s lines of business, and transforms those changes into actionable tasks.
These tasks are then handed over to compliance and business owners and then tracked through completion.
CODE enables insurers to streamline regulatory change management process, which lessens regulatory risk across an enterprise.
In addition, it also recommends actions depending on new or altered regulation, captures the status of all assigned tasks in order to enable active management and reporting on regulatory compliance across the organization.
It simplifies the workflow, does away with manual, people-intensive nature of identifying and analyzing insurance regulations.
SRC CEO Tom Burke said that with over 3,000 regulatory changes a year, insurers are challenged to filter, identify and act on compliance requirements within prescribed timeframes.
"CODE is a single platform that enables the efficient management of this process required to maintain compliance and minimize risk exposure," Burke added.