Microdea’s Synergize for Compliance and Risk Mitigation enables insurance organizations to ensure data security, instantly access documents for audit requests, and avoid the risk of lost files and non-compliance penalties.
Insurers must continuously maintain data accessibility, confidentiality, and integrity in order to align with evolving regulations imposed by PIPEDA, SOX, and other compliance standards. Managing documents that are critical to compliance such as leases, contracts, affidavits, and release forms is cumbersome. Under a traditional paper-based system files are typically difficult to locate due to their disparate storage and can easily be misplaced or lost.
Synergize for Compliance and Risk Mitigation electronically stores all vital documents in a secure, central repository. Authorized users are able to immediately access desired documents from this single location anytime from anywhere, enabling them to save time and eliminate non-compliance costs by addressing audit requests promptly. Users email requested documents to auditors instantly, instead of having to go through the painful process of prepping documents to be photocopied, spending time waiting for the photocopier to finish, sorting, then finally re-filing and physically mailing the documents.
Multiple levels of security can be assigned to personnel in varying positions of authority, allowing insurers to protect the confidentiality of documentation. Electronic workflow sends automatic alerts to managers when new documents arrive enabling them to designate appropriate security levels. Audit logs track each user’s interaction with a document, providing management with enhanced visibility and metrics to ensure corporate business rules are followed.
In the event of a disaster important files are backed up, which eliminates the risk of lost documents. Insurers are also able to effectively control document retention and govern files through their entire lifecycle. Synergize for Compliance and Risk Mitigation enables insurance organizations to address and manage the full range of risks they face and achieve alignment with evolving compliance mandates.
Synergize for Compliance and Risk Mitigation provides:
- Compliance with PIPEDA, SOX, and other insurance industry regulations
- Authorized users with instant access to all critical documents from a secure, central repository
- The ability to address audit requests quickly and avoid non-compliance issues
- Levels of authorization and security ensuring access control
- Workflow alerts and auditing capabilities
- Elimination of misplaced or lost documents
- Improved records management and adherence to retention policies
For more information on how Microdea can help your insurance organization achieve compliance and mitigate risk, contact us at 905.881.6071 ext 244 or marketing@microdea.com