MetLife’s Compliance Risk Management program provides ongoing, enterprise-wide evaluation of current and potential compliance risks.
A key component of this program is the development of our Annual Compliance Plan, which enables Corporate Ethics and Compliance to monitor controls that mitigate compliance risks. It also helps to ensure that compliance resources are appropriately deployed.
We monitor and test controls for our key compliance risks to be more consistent in our approach to compliance risk oversight and allow us to focus on local risks in our operations around the world.
We also conduct due diligence for third-party engagements, and we train our compliance employees globally on their oversight responsibilities. This is important because MetLife contracts with many third parties, which have the potential to expose us to compliance risk.
MetLife continually looks for ways to improve our management of compliance risks. We are exploring options to enhance our digital capabilities in this area. While digital technology is used minimally in the compliance field, new tools are now being developed. By combining these new tools with advanced data analytics, in the future there could be opportunities for companies like MetLife to be even more accurate in analyzing compliance risks.