COMPLIANCE CHECKLIST
Insurance Industry Compliance with SOX
SOX is one of the primary internal control frameworks that any financial institutions including insurance service providers use across the globe. It helps them improve their internal control measures and financial reporting.
Why SOX compliance is important for Insurance Industry
- Acts as a guide for effective financial and data controls.
- Promotes safeguard to financial data and information.
- Helps prevent data breach issues.
SOX penalties that Insurance Industry must avoid
- Monetary fines.
- Loss of reputation.
- Discontinuation of business operations.
How this compliance template can help with SOX compliance
This SOX internal control framework has been explicitly designed for Insurance companies to create a sound internal compliance management culture in the organization. The framework lists all the specific compliance requirements and tasks a organization must comply with to maintain its compliance with SOX requirements.
How VComply can help in SOX compliance
- Set compliance program across departments and locations.
- Create the SOX specific compliance framework and manage compliance workflow.
- Automate compliance task assignment and management across compliance team.
- Central repository for all your SOX compliance documents.
- Automate SOX audits and manage the recurring audit process.
Download the SOX compliance template for Insurance Industry
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