As the Financial Conduct Authority (FCA) puts ever more focus on strict compliance rules for Senior Managers in terms of ensuring responsible individuals are fit to carry out their roles and responsibilities effectively, insurance firms are continuing to turn to FinTech and/or RegTech solutions to help manage their regulatory compliance.
Why would they not? A FinTech solution will enable businesses to manage the process of ensuring compliance statuses and ultimately produce a governance map. A RegTech solution can take this a step further by ensuring the information held matches the exact regulatory requirements (ie SMR or SIMR), ultimately producing a regulatory map.
Innovative technology solutions can bring many advantages with them. However, if firms engage a solution provider that does not offer flexible solutions, what may appear to have an advantage can quickly turn into a nightmare.
1. Project Management: does the solution provider offer project management? Do they have the in-house expertise to look at the entire picture – not just the functional requirements or only IT needs but both? Do they have project managers that can work alongside your project management team?
2. Business Analysis: does the solution provider have in-house functional expertise? Do they have professionals with a financial and/or compliance background who will automatically understand your business requirements and conduct a thorough business analysis? One that will enable a smooth data migration and development process?
3. Testing: does the solution provider have in-house IT experts who can deliver a detailed testing process to ensure the solution delivered to you not only works, but meets both your functional and IT requirements from day one?
4. Data Migration: does the solution provider understand the complexities of accurate field mapping from potentially wide ranging data sets into one FinTech or RegTech application? Do they really know your terminology and are they able to match that to the FinTech or RegTech solution you are considering purchasing?
5. Bespoke Development: does the solution provider have a reliable in-house development team who are able to take the off the shelf FinTech or RegTech product you choose and match it to your detailed requirements list (which should have been identified during the business analysis phase)?
6. Application support: is there a reliable support team within the solution provider? Are you able to call on them 24/7/365? As FCA requirements apply to global businesses; does the solution provider offer multi-time zone tech support?
Innovative Insurance and Banking firms need to partner up with innovative solution providers when it comes to digital transformation and portal development. When it comes to ensuring your FCA compliance: be it SMR, SIMR or otherwise, you simply cannot afford to have a FinTech or RegTech solution that complicates this process. You need functional and IT expertise offering flexible solutions. Businesses that are happy to deal in Boundaries.
Here’s where TechFINIUM will demonstrate its strength. Why TechFINIUM? The word tech is for Technology and finium stems from Latin, meaning Boundaries. Why boundaries you ask? Boundaries surely mean restrictions and limitations? Well yes, that is precisely what we are all about! As diverse as we are, our business is focused around business compliance and governance.
We are delighted to introduce you to our new identity; TechFINIUM. Why the change? Whilst JMR CONSULTING UK LIMITED has been trading since its establishment in 2007 and is well known by that name, we have grown substantially and with growth comes exciting new avenues and change.
We are experts in providing and developing trusted FinTech & RegTech software services and solutions, enabling businesses to efficiently manage business critical operations, corporate governance and compliance – globally.
This central part of our operation is reflected in our new company slogan: