The call comes in to the compliance department. Access to the company governance map, existing role and function definitions as well as individual statuses have been requested. Now the scramble begins. The compliance manager calls the relevant senior insurance managers, who in turn call their IT managers...
What is the deadline for this information? Who wants to see this data? Who can see this data? Who champions this data? Where is it kept? Is it held locally or remotely? In what file format is it kept? In what version of the file format is it kept? When was it last updated?.... these are only the initial questions senior staff members are having to face.
Surprisingly, this is exactly what will happen to a large percent of insurance institutions when the call comes in. I’ve seen documents, confirming an overwhelming amount of companies who have, shockingly, put compliance solutions on the back burner.
All coins have only two sides.
Compliance reporting for SIMR should be the same. On the one side you have the regulators and on the other you have your in-house compliance managers. Cost effective solutions empower the compliance professional to take ownership of all the regulatory data and manage registration statuses simultaneously through intelligent data/document capture and clever workflow set up. Add some enhanced functionality such as auto-notifications to point out any missed deadlines or even granting restricted user access to the relevant regulatory authority can even reduce that initial call.
Whilst there are of course so many solutions out there, clearly I would like to demonstrate the powerful capabilities of infoFINIUM for SIMR – a bespoke solution to ensure there are only 2 sides of the coin when it comes to regulatory reporting.
Download the pdf to see how two sides really can be:
infoFINIUM for SIMR
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