April Time2023

compliance management is the basic content of comprehensive risk management of insurance companies and the basic work of implementing effective internal control. In recent years, there have been a series of major financial and operational risk events in the insurance industry due to the company's loss of control over compliance management. In order to standardize the governance structure and risk management of insurance companies, Taikang Insurance (www.taikang.com) Plan and build a compliance management system, establish and improve the compliance management system, improve the compliance management organization structure, clarify compliance management responsibilities, create a compliance management system, promote the construction of a compliance culture, effectively identify and proactively prevent and resolve compliance risks, and ensure the normal operation of the company's business.

issues and pain points:
1. The timeliness of offline data submission by compliance personnel of the group headquarters and subsidiaries is poor;
2. The workload of reporting compliance data of each branch is heavy;
3. The entire group cannot form a unified and effective compliance data management;
4. Offline compliance data is distributed among subsidiaries and departments of the Group and cannot be centrally controlled.
5. The compliance issues received and obtained by the Group's subsidiaries and relevant departments need strong cohesion to form an effective database of compliance issues, which cannot effectively track the rectification of issues and develop organizational process assets. They are unable to provide complete feedback to upper management.
6. offline data fragmentation, there are some data islands
7. Currently, compliance data is not standardized according to data or data indicators and cannot provide key data for compliance risk control.

Hank Times participated in the planning and construction of Taikang Insurance's compliance management system, and its main contributions include:
-The compliance management system ensures timely and accurate access to the information required for compliance management in the company's business, fund use, finance and necessary controls.
-Divided into headquarters, subsidiaries and other multi-level structure, to achieve Taikang Insurance Group-wide compliance management and risk management centralization.
-Optimization and compliance management process.
-Enable online and offline data submission. A unified knowledge base for resolving compliance issues has been formed.
-Simplify the compliance data submission process of each department and form a unified compliance data management for the whole group.
-Graphical display of compliance data and implementation of analysis and mining of compliance data. It also provides major data for Taikang Insurance's credit management, human resources and online risk control systems.

Taikang Life highly appreciates Hank Times' contribution to the project:
-"After Taikang Group rolled out its new compliance management system, employees can easily submit compliance data instead of using spreadsheet tools for manual processing. Individual compliance issues can be solved centrally through one service, thus improving efficiency and avoiding manual processing errors."