Time2023 April

Compliance management is an essential element of comprehensive risk management for insurance companies and a fundamental task for implementing effective internal control. In recent years, a series of significant financial and operational risk events have occurred in the insurance industry due to the companies' loss of control of compliance management. To standardize the governance structure and risk management of insurance companies, Taikang Insurance (www.taikang.com) plans to build a compliance management system, establish a sound compliance management system, improve the organizational structure of compliance management, 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 proper operation of the company's business.

Problems and pain points that need to be solved by Taikang Insurance's Compliance Management System:
1. Poor timeliness of offline data submission by compliance personnel in the group headquarters and subsidiaries;
2. The heavy workload of reporting compliance data in each branch;
3. The inability of the whole Group to form a unified and effective compliance data management;
4. Offline compliance data are distributed in various subsidiaries and departments of the Group and cannot be centrally controlled.
5. The compliance issues received and acquired by the subsidiaries and related departments under the Group need to be more cohesive to form an effective compliance issue database, which cannot effectively track the issue rectification tracking and develop organizational process assets. They cannot provide complete feedback to the upper management.
6. Offline data is fragmented, and there are some data silos.
7. The current compliance data is not standardized by data or data index and cannot provide the primary data for compliance for 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 information required for compliance management in the company's business, capital utilization, finance, and essential control.
- It is divided into a multi-level structure such as headquarters and subsidiaries, enabling centralized compliance management and risk management for the whole Group of Taikang Insurance.
- Optimization and compliance management process.
- Enables online and offline data submission. Formed a unified compliance problem solving knowledge base.
- Simplifies the process of compliance data submission by various departments and formed a unified compliance data management across the Group.
- Graphical display of compliance data and realization of analysis and mining of compliance data. It also provides the primary data for Taikang Insurance's credit management, human resource, and online risk control systems.

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