Firm Addresses Regulatory Compliance Audit Findings

Firm Addresses Regulatory Compliance Audit Findings

Insurance & Record-Keeping Firm Addresses Regulatory Compliance Audit Findings

For a large Midwest Insurance and Record-Keeping firm, improving 5500 and Schedule C compliance was a challenge after unfavorable regulatory compliance audit findings. Their processed needed to eliminate the manual keying of indicative and financial data into their 5500 e-form application. The Client needed a solution that would automate the preparation of the 5500 forms and to provide their Business Unit with the ability to consistently capture and calculate fees, reduce errors by creating validation and control reports and a means to increase processing volumes while being able to decrease time, materials and costs. EI’s Insurance Industry Consulting practice contextualized the regulatory and compliance requirements and helped write the RFP to select and standardize an eForms solution, defining a roadmap for the initiative.

EI’s Program Management services provided oversight, planning and program management for the implementation across the enterprise. EI’s Application Implementation practice managed the full-lifecycle iterative implementation of the capability, deployed as guided by the program roadmap. As a result of partnering with EI, this organization standardized a 5500 and Schedule C compliance capability that eliminated manual keying of indicative and financial data. This improved their compliance and addressed compliance concerns on the parts of auditors that presented the organization with risk of non-compliance. The streamlined capability was less resource-intensive, which allowed resources to be rededicated to more strategic operations functions than supporting 5500 and Schedule C compliance.