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By Kali Bagary | 15 APRIL 2016 |

The compliance professionals’ job is never an easy one. I have been involved in this business for a long time and am very aware of all the challenges compliance professionals face on a day-to-day basis...

  • Define key functions & responsibilities and map each to individuals & roles
  • First you must know what the rules are
  • Second you must know when they change and what the new changes are
  • Third you must ensure you have implemented all the new changes in your company’s compliance structure
  • Fourth you must ensure your company meets those regulatory changes.
  • Fifth you also have a home life.


  • With the new Prudential Regulation Authority (PRA) mandated Approved Person’s Regime updates, taking into account Solvency II measures relating to governance, fit and properness of relevant individuals; it seems a whole new layer of activities has suddenly landed on your desk.

    You must define all key functions within the company and allocate these responsibilities to Senior Managers and Key Function Heads. You must document, complete and review ongoing ‘fit and proper’ tests for all persons performing key functions. You must define an effective way of obtaining pre-approvals of individuals and change notifications to the PRA – continuously. You must produce an accurate Governance Map to the regulators upon request. Finally you must demonstrate an effective governance structure – in real time.

    Now the hunt begins… where is this information? In what format is it currently in? How do you collate this information? Who has this information? How is it kept secure? How is this information reported? Who reports it? Who has access to it? There so many more questions, which can all make simple governance reporting or the approvals process daunting..

    These tasks can all be completed in a much more intelligent manner that – incredibly – the majority of insurance companies do not do today. Have you ever considered automated document management and workflow systems? You should, and here’s why:

    I’d like to introduce infoFINIUM for SIMR at this point. It can help you to centrally store all key documents relating to your key functional heads and senior insurance managers; allocate functions and responsibilities; monitor ‘fit and proper’ tests ensuring compliance; be alerted of conduct standard changes; set up workflows to automate the approvals and notifications processes; generate Governance Maps on demand and in real time.

    Read more or request your complimentary demo now at www.techfinium.com


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