Highlights from the 2014 Compliance Week Conference

Highlights from the 2014 Compliance Week ConferencePosted by Nicole Sandford, Partner, Deloitte & Touche LLP

Deloitte recently presented at the 2014 Compliance Week Conference in Washington, D.C., which drew top executives and compliance professionals from leading companies across a wide range of industries. Hot topics included the rising importance of reputation risk and third-party risk, as well as the need for a more integrated and efficient approach to managing different types of compliance risk.

Managing risk and compliance in today’s fast-paced global business environment is more challenging than ever. To avoid trouble, many companies are conducting a number of risk assessments for different purposes, including those executed by internal audit, enterprise risk and compliance. All of these are important. However, many compliance professionals and executives at this year’s conference expressed concern that these efforts have not been well coordinated, resulting in “assessment fatigue” in the businesses.

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HIX Compliance for Health Plans

HIX Compliance for Health Plans

New structures come with new rules and health insurance exchanges (HIX) are no exception. That said, health insurers need to know more than the new rules — they need to understand the protocols and priorities regulators intend to use in building out this new regulatory regime.

This is a significant compliance challenge, but it does not begin with a blank page. Other government programs’ (Medicare and Medicaid) compliance capabilities that may already be in place serve as useful models for the analogous requirements of HIX participation. In fact, many of the exchange compliance priorities the Centers for Medicare and Medicaid Services (CMS) shared in March 2014 are similar to those used to regulate Medicare Advantage and Part D plans. Following that logic, it is likely that enforcement measures on HIX plans may mimic these other existing federally-funded programs.

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