US insurance: compliance officers turn sights to risk

Survey shows compliance growing into more forward-looking role

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Compliance teams are growing in importance within US insurance companies as firms face a tide of industry regulation, while practitioners say the nature of the role is moving closer to that of risk management.

New standards under development at the national level, in the form of principle-based reserving and the Own Risk and Solvency Assessment (Orsa), and at international level in the form of policy measures for internationally active insurance groups (IAIGs), has prompted firms to increase the

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