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NAIC Model Audit Rule (MAR) Compliance Solution | ||||||||||||||||
MetricStream provides an integrated solution for insurance company that enables compliance with the solvency and reporting requirements of MAR. The MetricStream solution plays a key role to achieve these objectives through a unified and adaptable system bringing a clear and unambiguous approach to MAR processes through automated workflows and centralized information management. With this solution, insurance companies can manage internal controls for financial reporting while integrating all aspects of compliance such as controls monitoring and testing, documentation, risk evaluation and measurement and monitoring with the enterprise governance, risk and compliance strategy. The solution also allows users to document, track and manage MAR compliance initiatives at all organizational levels for business functions as well as support processes fulfilling insurance regulatory compliance requirements and implementing effective strategy with a reliable control systems and corrective action activities. The solution was developed and is based on best practices and experience from the work MetricStream has done in the insurance sector. In addition to streamlining the MAR process, the solution also provides end-to-end functionality for managing the complete audit lifecycle including audit planning and scheduling, development of standard audit plans and templates, data collection, development of audit reports and recommendations, review of audit findings and action plans and implementation of audit recommendations and remediation. Powerful reporting capabilities allows aggregating MAR compliance data and generating reports that show trends based on a wide range of variables. By tracking the compliance patterns, the solution enables insurance companies to focus its efforts on the areas that need attention based on their status of compliance with NAIC guidelines. Advanced capabilities like built-in status tracking and reporting, integrated document storage, remediation action workflows, time tracking, email-based notifications and alerts, assessment methodologies, resource and time management and offline functionality for conducting audits at remote locations allow insurance companies to implement the industry best practices for MAR compliance and ensure integration of the compliance process with the risk and audit management system. MetricStream solution also provides other intelligent and content driven features such access to training from an expert community from within the solutions and integration of business processes with regulatory notifications and industry alerts. Downloads
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