The compliance control system as an instrument of internal control of insurance organizations

Task. The article reveals the essence of the compliance control system. The author conducts a study of this system in the insurance industry, indicating the insufficiency of research on this issue by other authors. The use of this system as an instrument of internal control conducted by insurance companies is indicated. Compliance risks are highlighted both in general for all organizations, and for the insurance business in particular. Current trends in the economic development of Russian companies are aimed not only at improving the quality of services provided, but also complying with their international quality standards, reaching an international level. All this requires insurance companies to comply with the law, apply advanced information technologies, develop internal control programs for the company, based, for example, on the ideology of compliance. The proposed compliance control system in Russian practice is still in its infancy, despite the fact that in developed foreign countries many areas of this control system are firmly included in the economic and economic activities of companies in various industries. Model. As part of the study, issues of determining the place of the compliance control system in conducting internal audits and audits of insurance companies, its resource support and the main provisions for practical implementation in the internal control process were considered. Summary. The compliance control system requires a serious approach in its implementation, a new vision of internal control, the development of certain compliance programs, strategies, plans. The system is designed to identify compliance risks, increase the reputation of the company, objectively evaluate the activities and managers, increase the level of control effectiveness, which as a result will allow insurance companies oriented to the ideology of compliance when conducting internal control to enter the international market. Practical importance. Studies have shown the benefits of using compliance ideology in the internal control of insurance companies. Of course, this will require insurance companies to increase the level of professionalism of specialists in internal control and the ability to organize a working group of professionals of the compliance control system. The system will require adherence to anti-corruption legal and compliance control standards, which will only improve the reputation of the company, as you simply have to adhere to strictness in this matter in relation to employees and management. The compliance sphere can be used for each separate financial and business transaction in the company, therefore this control system will act as a disciplining factor for the activities of insurance companies. Originality. The result of the study was the allocation of specific risks for insurance companies from the total number of compliance risks. Differences between internal control and compliance system were revealed. Concrete actions are proposed for the implementation of compliance control in insurance companies.

compliance control, internal control, insurance companies, risks, compliance system