This has brought many challenges for insurance and finance businesses, as many of these organisations do not have adequate systems in place to meet the mandated requirements. The risk is high as the FCA has commenced issuing fines to many businesses that are non-compliant.
The management of SM&CR data pose key challenges; such as being able to produce annual Fit & Proper certificates, individual statements of responsibilities or even on-demand governance and responsibilities maps. Further challenges posed by these regulations include regular stake holder approval sign offs on both new, existing and staff that have left the firm.
Here’s where infoFINIUM FOR SM&CR Compliance System (SCS) provides unprecedented insights and functionality specific to meet the demands of the regulators. SCS efficiently manages the on-boarding, ongoing monitoring and hand-over process for Senior Managers and Certified Individuals ensuring they remain Fit & Proper as defined by the FCA. This system caters for management of the recruitment process, data collection, compliance management, workflow sign-offs, automatic generation of Responsibilities and Governance maps and storing documents such as CV’s/resume’s.Core functionality includes:
If your business requires additional bespoke features, we can easily integrate them into this agile solution.The benefits to your business are immediate and wide ranging. This chart below explains further: