Insurers and Sanctions Enforcement Trends

Insurance companies often assume that they are immune from many of the regulatory risks that financial institutions face. Unfortunately, the risk landscape for insurers is changing rapidly as the crimes and regulations are becoming increasingly sophisticated, leaving them as vulnerable as their counterparts in the financial sector.

Is the Insurance sector the next target for regulatory actions?

This webinar will focus on many of the unanticipated risks that insurers and those who do business with them need to be aware of to proactively identify, assess and manage their risk. Case studies will demonstrate not only the regulatory perils, but also the adverse impact on business when insurers inadvertently make decisions without understanding all of the hidden risks related to Sanctions, Money Laundering, PEPs (Politically Exposed Persons), Trade Finance, and Beneficial Ownership.

Specific topics include:

  • Identifying the hidden, indirect risks in business relationships
  • What happens when your counterparties, bank, or reinsurer identifies the risks before you do?
  • Your data and how it increases your hidden risk
  • Leveraging your systems and vendors to better control risk and explain your rationale to regulators
  • Evolving role of compliance officers in insurance

Presented by:

David Norman
Martin Schofield
Consultant SME MSA