The Senior Insurance Managers Regime (SIMR) was introduced to insurance companies earlier this year. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) set out the rules of the regime which are likely to require companies to adopt new processes and procedures to achieve compliance.
All firms will need to establish the competency of the people who run the business on an ongoing basis and be able to provide a Governance Map at any time for any historic date. For the first time individuals will be signing a Scope of Responsibility Statement to accept personal responsibility and liability for discharging their duties to high standards.
TRAC10 brings together OAC’s expertise in Governance and Risk Management to ensure compliance with the SIMR. We have built a comprehensive solution for insurers to fully record all information about their senior managers within a logical and user friendly interface.
The greatest challenge brought by the SIMR is creating, maintaining and reproducing the organisation’s Governance Map. TRAC10 stores all the necessary data to produce an immediate and accurate Governance Map for the current day or any historic date. It also holds all supporting documentation with a date search facility to ensure any regulatory requests for information can be met quickly and easily without the need to extract data from multiple sources. TRAC10 efficiently manages the business processes to ensure compliance and to minimise personal and corporate risk.
For more information about TRAC10, click here.
Related article: "Impact of Senior Insurance Managers Regime (SIMR) on Firms".
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Claire Lightwood FIA
Professional Services, Account Manager
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