The insurance sector is being faced with a situation marked by increased risks and the ever approaching implementation of regulations which directly affect business, such as Solvency II, the Spanish Insurance Contract Law, IMD II, and the reform of the Baremo (system of personal injury tariffication). Faced with this situation, many companies have decided to commit to the development of increasingly complete compliance functions.
However, quite often, compliance functions are limited to aspects related to legal advice, internal control and risk management, and do not have a compliance structure that is in keeping with their strategic objectives. Also, in other cases, companies have not identified the potential impact that regulations could have on their businesses.
Compliance functions must go a step further if they wish to transform the future regulatory avalanche into a competitive advantage. And here at PwC, we can help you to achieve this.