Wolters Kluwer Compliance Solutions launches NILS™ Feed ASL

Rhea-AI Summary

Wolters Kluwer Compliance Solutions has launched NILS™ Feed ASL, an Authoritative Source Library that tracks regulatory compliance requirements crucial to the insurance industry. This innovative tool enables U.S. insurers to align governance, risk, and compliance systems with applicable laws and provides insights into the impact of regulatory changes. NILS Feed ASL offers direct links to relevant statutes and helps insurers manage compliance obligations efficiently. Steve Meirink, Executive VP, emphasizes its unique capability to provide a holistic view on regulations across U.S. jurisdictions.

Positive

• Launch of NILS Feed ASL enhances insurers' regulatory compliance management.
• Enables centralized mapping of laws to business activities, improving operational efficiency.
• Innovative technology provides a comprehensive view of interconnected regulations.

Negative

• None.

Authoritative Source Library helps insurers more effectively monitor and manage regulatory changes key to their business

MINNEAPOLIS--(BUSINESS WIRE)-- Wolters Kluwer Compliance Solutions has launched the NILS™ Feed ASL, an Authoritative Source Library (ASL) that continually tracks the development and movement of statutory and regulatory compliance requirements applicable to the business of insurance. The NILS Feed ASL provides U.S. insurers the unique ability to map activities in their governance, risk & compliance systems to the relevant statutes and regulatory material, driving greater insights into how each element of their regulatory program impacts other elements.

Providing inherent connectivity via direct links to relevant citations maintained in the system’s authoritative source library allows for a centralized, automated platform that enables insurers to map relevant laws and regulatory developments to specific activities, processes and lines of business within their organization. Ultimately, NILS Feed ASL provides insurers an enterprise-wide view into how any one regulatory requirement, event, or activity is connected to or impacted by another.

“This capability is a game changer for insurers and is, to our knowledge, the only such technology available to provide insurers with a holistic, current view of the relevant laws and regulations across U.S. jurisdictions in which they operate,” said Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. “Any given section of law has the potential for multiple connection points within an insurer’s compliance operations. Our product provides immediate connectivity and insight across the enterprise in helping manage a constantly changing landscape of related insurance laws and regulations, empowering insurers to more effectively manage their compliance obligations.”

For managing regulatory changes, NILS Feed ASL provides a structure where the evolving regulatory change activities that pertain to a specific citation can be easily identified. For complaint management, it helps identify issues that may need a higher priority if they are of a recurring nature or have been the subject of market conduct actions. From a risk assessment perspective, the tool provides visibility as to where a particular citation is impacting the organization across lines of business, enabling insurers to be responsive to those impacts across their GRC operations in an efficient manner.

Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (AEX: WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221013005067/en/

Media Contacts for Wolters Kluwer GRC

(including Wolters Kluwer Compliance Solutions; Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation):

Paul Lyon

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

David Feider

Corporate Communications Manager, Banking & Regulatory Compliance

Governance, Risk & Compliance Division

Wolters Kluwer

Tel: +1 612-852-7966

David.Feider@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is NILS Feed ASL launched by WTKWY?

NILS Feed ASL is an Authoritative Source Library that tracks regulatory compliance requirements for U.S. insurers, improving their governance, risk, and compliance capabilities.

How does NILS Feed ASL benefit insurers?

It allows insurers to map regulatory changes to specific activities, enhancing their ability to manage compliance obligations effectively.

What company operates NILS Feed ASL?

NILS Feed ASL is operated by Wolters Kluwer Compliance Solutions, a leader in regulatory compliance solutions.

Who is the Executive VP of Wolters Kluwer Compliance Solutions?

Steve Meirink is the Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions.