Today’s digital era is bringing a plethora of business critical systems into the city. FINTECH is a vastly growing business, helping numerous companies not only digitalise paperwork, but also automate many work processes. Numerous financial institutions are already gaining competitive advantage, purely by being able to react more quickly to information gleamed through analytics of all the big data their systems are capturing, on a daily basis. Automated workflows are proving invaluable to today’s compliance professionals and senior insurance managers alike, giving them instant notifications of regulatory updates or internal alerting for process execution.
Let’s look at a few features of some of the available tools for compliance professionals when it comes to regulatory information regarding Senior Insurance Managers;
Historically, obtaining the latest information on what the current regulations are, what reporting is required, when the reports were due, who to send the reports to etc., would in itself be a tricky task. This would entail numerous phone calls, paper copies being faxed or sent by post to the relevant compliance professionals within the business. Often, by the time this information was received, it would potentially already be out of date. The dawn of the internet certainly made this process slightly easier, as the information was more readily to hand.
However, having to constantly search for updates can be quite time consuming. Some FINTECH solutions can automate this search for you and even send you instant notifications of updates, saving your in-house compliance manager valuable time. All this before the document collection and work meeting the burden of proof has even begun.
Once this information has been disseminated, the reporting begins. In other words, the dawn of the paperwork. Completing all the statutory information is one element, chasing the information a second, ensuring training requirements have been met – and in the required timeframes – pose yet another challenge. Add the complexity of a large insurance business with extremely busy senior insurance managers who have little time for update training or even providing relevant documentation and the hassle truly begins. FINTECH solutions exist today, which can store individual CVs and background check information. Roles, functions, responsibilities can all be set up with timescales, enabling auto alerting to relevant key holders, such as the managers themselves and the compliance professional. All this enables a better collaborative working environment.
Having to send off all the paperwork, ensure the relevant regulatory authority has received the information and in good time too can be a tedious task, especially as often requirements may change as the forms are being completed. Today’s FINTECH solutions can offer user role based secure access. The ‘user’ can be internal compliance professionals or senior insurance managers, as well as externally based regulators. The benefits of this is that multi-way notifications can be automated. Governmental updates pushed to you, compliance reporting requirements to the senior insurance managers and finally access to the current governance map to the regulator. The solution will also enable businesses to show true transparency as and when required.
Returning to my first question: can you really live without innovative FINTECH solutions today? My guess is yes, but it will mean you have a lot more work – A LOT MORE work – losing you a competitive advantage, costing you precious time and money. Clever FINTECH solutions are designed to take manual labour out of your hands, leaving you time to be the best compliance professional you can be. Why not see what a FINTECH solution for the Senior Insurance Managers Regime can do for you.
Request your complimentary innovative FINTECH Solution here: www.techfinium.com
In the meantime I invite you to have a look at the pdf overview of:
infoFINIUM for SIMR