For Transamerica Life Canada, ensuring that their organization met legislative guidelines and compliance requirements was critical to its operations. As such, the organization was looking to shift its existing manual compliance process to a new streamlined process that would enable the company to manage the compliance process with a more efficient approach.
Point Alliance leveraged the capabilities of the Legislative Compliance Management System (LCMS) to overcome Transamerica’s challenges with their current legislative compliance and regulatory risk process. LCMS provided Transamerica with a comprehensive solution that will allow the organization to manage and administer all compliance related requirements in an organized and efficient manner.
Transamerica incorporated the LCMS solution into their organization as the primary tool to meet their regulatory compliance and self assessments requirements. By using LCMS, Transamerica is able to benefit from the following capabilities:
- Streamlined Processes Ability to access and manage compliance requirements and risk assessments in a single, automated system.
- Improved efficiency Organized management and execution process ensures tasks are completed in a timely manner.
- Content importing Compliance information imported from multiple data sources into LCMS ensures the completeness of the process.
- Insightful knowledge Flexibility to share compliance details and produce meaningful reports to management creates better awareness and allows for more informed decisions to be made.
Core functionalities of the tool:
Centralized compliance system- All compliance and regulatory risk assessments are in a centralized web based system for easy administration • Report generation Self- Assessment reports can be quickly created to capture compliance results to assist in executive decision-making • Targeted search Offers users the ability to select specific compliance categories for review under multiple levels of management • Strong audit trail- Provides comprehensive tracking and recording of all activities with user ID, date and time. • Pre-loaded industry-specific compliance requirements Transamerica, along with other organizations in the life and health insurance industry can upload compliance requirements directly from the CLHIA site as a time-saving feature