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Compliance Training

#FridayFreebies

Did you know we have FREE resources available right on our home page and through our online education portal? WE DO!

There are tips and white papers and samples…oh my! Take a look at our FREE Downloads section and scroll down further to check out our online education and training courses. There are some freebies listed there, too. It’s quick and easy to explore our online education portal. Drop us a line at info@currincompliance.com or call (518) 692-2494 if you have any questions or would like some help with your compliance needs.

Ad Review Turnover: 3 things you can do to change the pattern.

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The review of advertising materials is an interesting challenge for compliance. We have a long history of doing many different types of ad review for a variety of clients and through that experience, we have found the biggest struggle many ad review departments have is a high turnover. How many of you right now have an empty desk – or maybe more? After you see the empty desks, take a moment and look around at your current ad review staff. Which of them will be next and why? Here is what we have found out.

  1. Training.  What kind of training has your staff had? In our experience, many smart and talented individuals struggle in ad review because of a lack of training. Ad review is generally a high volume job and when ad review professionals lack the training they need in order to feel competent, insecurities and dissatisfaction can multiply with each piece reviewed. Taking the time to train is always a challenge, but it will pay off in big ways in staff retention. At CCS, we have several ways we can help you provide training. One way is our upcoming Advertising Compliance Symposium. That is a great way to not only obtain affordable training, but also network with others in the field. Space is limited and filling up quickly, so register now
     
  2. Compliance support. Ad review staff often say they feel isolated and unsupported by others in compliance. What kind of support does compliance give to ad review? One of the reasons that ad reviewers can feel alone is that ad review doesn’t always get the respect it deserves.

    Compliance support can be important because marketing can be very demanding both in terms of content and turnaround. Having support from compliance leadership can make a big difference in the ad review staff feeling validated or isolated. 

    Compliance can do a lot to help retain quality staff in ad review by acknowledging that ad review is important and takes skill. Give the ad review staff respect and they will give you longevity of service.
     
  3. Volume Inconsistency. Often ad review workload is inconsistent, with massive numbers of reviews at some points and much less at others. To a certain extent that goes with the territory. However, sometimes working as closely as possible with marketing to coordinate work levels and turnaround times for review can make an important difference. That difference, or even the effort to make a difference, means a lot to the staff doing the reviews. Another way you can help deal with the ups and downs of ad review volume is have outsourcing in place for the overflow. Many of our clients use us for the situation in which there is simply too much for the in-house staff to handle sanely. We have also been brought in to cover for maternity leaves or other absences that can leave a department short-staffed and co-workers stressed!

Ad review retention is important to your overall compliance efficiency, so let us know if there is anything we can do to help you keep great people doing great jobs! 

Let us know how we can help your staff.

DLA Piper Compliance Survey Says….

DLA Piper published its First Annual Compliance Survey, titled “2016 Compliance and Risk Report: CCOs Under Scrutiny” (Survey) this month, which contains a lot of very interesting information. DLA Piper distributed the survey in 4Q15 and received 78 responses. Eighty-one percent of respondents held the title of Chief Compliance Officer (CCO) or General Counsel/Chief Legal Officer. This is the first in a series of posts in which we will explore some of the survey results.

One of the survey’s primary focuses is the increasing liability faced by CCOs for compliance lapses at their companies. Approximately 2/3 of survey respondents said that changes in tone from Washington and recent developments with respect to CCO exposure would affect their decisions to remain in or accept positions as CCO. (Survey p. 3, 8-9). One of the dilemmas those on the job reportedly face is, not surprisingly, resources: only 1/3 of those responding were confident they had the resources they needed to do their jobs (Survey, p. 3, 11). Forty-seven percent of respondents encountered resistance “to some extent” when requesting budget increases (Survey p. 4, 11). This is, of course, problematic when faced with increasing external accountability because it may mean that CCOs are left knowingly exposed but with no means to address the exposure without adequate resources.

Given the recent launch of our online training program, Currin Insurance Compliance Education Program (CICEd), it was interesting to note that “[r]espondents said they considered monitoring to be the weakest aspect of their compliance programs and also the aspect (along with training) that took up the most time.” Sixty-five percent of respondents indicated that they use online, interactive training, with public companies more likely to use online resources than their privately held counterparts (Survey p. 4, 16).

The report identified four recommendations to mitigate CCO risk (Survey p. 6):

  1. Track Effectiveness – This begins with assessing the program and documenting its development and maintenance. The goal is to be able to point to concrete evidence that the program works.
  2. D & O Coverage and CCO indemnification – This makes sense and the report suggests including indemnification in employee contracts and corporate by-laws. (The challenge here is to not let these important protections have the effect of weakening the compliance program.)
  3. “Wear One Hat” – The recommendation is to have clear reporting lines with defined roles and responsibilities.
  4. Escalate any concerns – Taking prompt action when any red flags are identified is key as is continuing with an active program, including compliance reviews, during any periods of crisis.

Check back again for more discussion and analysis of this important survey and report.

Join us in June at the Desmond!

June 22-24, 2016 • Desmond Hotel • Albany, NY

The Currin Insurance Compliance Symposium (CICS) is coming up fast and we hope you will join us! This symposium will include discussions on important issues in our field, as well as general updates and trends that inform our daily work. We will talk about products and processes, management and communication of compliance information, and the use of metrics to evaluate compliance. There will be opportunities for small groups to engage in problem solving and to focus on improving ways to manage our jobs. We will look at some long-standing issues in new ways and also discuss how recent issues impact insurance compliance.

We are very excited to have Ann Johnston, PhD, PCC as our Keynote Speaker. She is a Global Learning Leader with 20+ years of experience and subject matter expertise in leadership, organizational design and development, and organizational change. Having heard Ms. Johnston as a keynote speaker first-hand, we are confident that you will not only benefit from her experience and expertise, but also enjoy her humor and personality!

CICS sessions will include:

  • Indexed Product Advertising:  Requirements and Risks
  • Suitability: What should we be doing now?
  • Carrier/Distribution Risk Assessments:  Why and how?
  • DOL Fiduciary Rule: Updates & Implementation  
  • Compliance Training: Why you need it & how to do it!
  • Effective Compliance Officer Tips & Tricks
  • Hot Compliance Issues in NY
  • Accelerated Death Benefits: Filing challenges in CA, NY, and beyond!
  • Variable Material:  Is it me, or are the rules always changing?
  • Hands-On Advertising Review

(sessions are subject to change)

We look forward to seeing you in June!