By Kali Bagary | 15 MAY 2016 |

I am sure by now most or all of us have been made aware of the new SIMR regulations and subsequent reporting requirements....

To sum it up, the PRA has mandated a new framework for insurers to comply with, entitled the Senior Insurance Manager’s Regime (SIMR). Those that run regulated firms should have clearly defined responsibilities and behave with honesty, integrity and skill.

Additionally, these new 2016 regulatory reporting changes require you to produce Governance Maps and prove your senior managers and key functional heads meet the ongoing requirements. Most likely this information is spread over numerous spreadsheets and systems, causing many headaches for you – the compliance professional - to pull it all together.

Your new responsibilities therefore are:

To 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.

Here’s where we can help. How?

By introducing you to infoFINIUM for SIMR, our recently launched document and compliance management software solution. InfoFINIUM for SIMR enables you to create, store, monitor, track and report on the scope, responsibilities, conduct standards, fitness and properness information of your senior insurance managers and key functional heads.

infoFINIUM for SIMR does this by offering you a central repository to:

  • Define key functions & responsibilities and map each to individuals & roles
  • Configure your ‘fit and proper’ testing of key function holders & match to employee training needs
  • Be alerted of new regulations, changes to conduct rules and actual employee statuses
  • Store vital documents – i.e. employee CVs, background checks, regulatory references, etc.
  • Set up workflows, tracking and authorisation processes for pre-approvals
  • Easily generate Governance Maps and regulatory reports, in real-time

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