August is a slower month – whether you are away for a bit, or simply enjoying a quieter time in the office as others are away. This is the time to get your compliance and IT housekeeping in order. The ideal time for organising your regulatory information & setting up your FINTECH solutions to ensure that you have all your regulatory requirements per senior manager in check.
Here are three top tips to consider for this month:
1. No doubt your HR department has all the relevant CVs for your senior insurance managers. Do you? If not, now is a good time to request a copy and upload it to your SIMR solution. What about training certificates? Does HR have them – if yes the same applies as above. If not, why not ask your senior insurance managers to find and send you a copy. They too may well have time to sort this out now.
2. Once you receive the CVs and training certificates, you can then match them to the regulatory requirements. What roles and functions do the seniors hold? Do their training certificates match those roles and functions? If not, now is a good time to search for the relevant training courses an book them on it.
3. Every office must prove they are prepared in case of an emergency fire. The same should apply to compliance. Why not carry out a compliance drill? Test your ability to produce a governance map within a short time frame. Were you able to do this? Did your reporting meet the requirements? This is a very useful too in checking your compliance status, any shortfalls and highlighting any urgent actions that need to be taken. A good wake up call for you and your teams.
Being proactive in your compliance tasks will not only save you the headache of having to pull everything together in case of a regulatory request, it will also show your professionalism when the regulators come knocking at your door. It will also establish internal credibility as well as potentially saving your firm money in terms of fines levied.
Having the ability to store this information, match requirements to actual statuses, and carry out a compliance drill can be easily managed using innovative FINTECH solutions. The alternative is you could store everything on separate spreadsheets creating repetitive and duplicate work for you and your teams. I’d like to offer a solution to help you get one step ahead and remember.
It’s summertime and the SIMR is easy!
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