Compliance Governance

Overview

The workflow for Compliance Governance in Momentum AMS ensures your agency stays current with regulatory changes, maintains audit readiness, resolves compliance issues, trains staff, and manages licensing. By logging updates, reviews, and corrective actions in AMS, agencies create an audit trail that supports transparency and reduces compliance risk.

Monitor Regulatory Changes

Purpose: Stay updated on evolving regulatory standards, carrier rules, and MGA requirements.

Workflow Goal: Track new compliance requirements and document them in AMS to keep policies and training aligned.

AMS Steps:

• Go to the Agency Profile → Notes tab.

• Click ➕ Add Note and summarize:

  “Compliance update logged: [Source, e.g., Illinois DOI Bulletin]. Impact: [Short summary, e.g., new disclosure form required for Workers’ Comp policies].”

• Tag the note as Compliance – Updated or Regulatory – Logged.

• If training or procedural changes are needed, upload the updated SOP or form under Agency Profile → Documents tab → Compliance Folder.

Audit Regulatory Compliance

Purpose: Proactively verify compliance and prepare for external audits.

Workflow Goal: Conduct systematic reviews of documents, records, and processes, then summarize results in AMS.

AMS Steps:

• Perform the audit using your Compliance Audit Checklist (stored under Agency Profile → Documents tab → Compliance Audits).

• After the review, go to Agency Profile → Notes tab.

• Add a note with summary findings, for example:

  “Compliance audit conducted on 10 client records. 2 missing E&O disclosures, 1 outdated COI. Corrective actions assigned.”

• Tag the note as Compliance – Audited or Internal Review – Completed.

• If necessary, attach the full audit report PDF in the Documents tab under Compliance Audits.

Implement Corrective Actions for Compliance Issues

Purpose: Ensure identified compliance issues are resolved through documented, time-bound corrective plans.

Workflow Goal: Assign ownership, deadlines, and track progress for every issue until resolved.

AMS Steps:

• From the audit findings, create Tasks in AMS (Agency Profile → Tasks → ➕ Add Task).

• Assign each corrective action task to the responsible staff member, set due dates, and describe the required action (e.g., “Update disclosure forms for Commercial Auto policies by [date]”).

• Once resolved, go to the Agency Profile → Notes tab and add:

  “Corrective action plan completed. Disclosure forms updated and redistributed to staff.”

• Tag the note as Compliance – Resolved or Audit – Follow-up Complete.

Educate Staff on Regulatory Requirements

Purpose: Keep staff current with compliance obligations through structured training.

Workflow Goal: Provide regular training and document participation in AMS.

AMS Steps:

• Store training materials (slide decks, webinar recordings) under Agency Profile → Documents tab → Compliance Training.

• After each session, go to Agency Profile → Notes tab.

• Add a note summarizing the training:

  “Staff training conducted on HIPAA and GLBA privacy requirements. Attendees: [List names].”

• Tag the note as Compliance – Staff Trained or Education – Regulatory.

• Optional: Use Tasks to schedule recurring quarterly or semi-annual compliance trainings.

Manage Staff Licensing

Purpose: Maintain accurate and up-to-date licensing records to avoid lapses and simplify audits.

Workflow Goal: Centralize license tracking, set reminders, and log updates in AMS.

AMS Steps:

• Go to Agency Profile → Documents tab → Licensing Folder. Upload license copies, carrier appointments, and CE certificates by staff member. Use naming convention like JaneDoe_IL_License_Expires2026.pdf.

• Maintain a Licensing Log (Excel or AMS custom field). Upload it into the same folder for easy access.

• Set Tasks with 60-day and 30-day reminders for each renewal (Agency Profile → Tasks → ➕ Add Task → assign to staff or admin).

• After each renewal, go to Agency Profile → Notes tab and add:

  “License renewal recorded for [Staff Name]. IL P&C license renewed through 7/2026.”

• Tag the note as Compliance – Licensing or Staff – Credential Updated.

✅ Outcome: By combining Notes, Documents, Tasks, and Tags in Momentum AMS, agencies can build a full compliance governance trail that covers regulatory monitoring, audits, corrective actions, staff education, and licensing management — keeping the agency audit-ready and compliant at all times.