The partnership between Governor Software and Sicsic Advisory will offer online compliance solution to support senior managers in the UK insurance industry
Governor Software and Sicsic Advisory join hands to develop insurance compliance in UK. (Credit: Pixabay/Markus Spiske)
Governor Software has partnered with Sicsic Advisory to develop online compliance solution for the regulated insurance firms in the UK to stay compliant in a constantly evolving regulatory environment.
Governor Software is an Irish regulatory compliance services provider for the financial and insurance industries. Founded in 2015, the company claims to have an oversight of governance information within financial institutions. With the help of this knowledge, the company uses visualisation technology to tackle issues associated with governance.
By combining Sicsic Advisory’s strength and understanding of the UK regulatory environment for insurance, with Governor Software’s live version of FCA and PRA Handbook, can enable firms to map, track and report regulatory compliance. It is claimed to transform how the insurance can meet its regulatory expectations.
Governor Software founder and CEO Richard Pike said: “Financial institutions are under increasing pressure from the regulator to demonstrate compliance to the UK Financial Conduct Authority (FCA) and PRA regulation.
“With Governor, insurance firms will have already stored their compliance data in the regulator format, in accordance to the Handbook structure, easing the burden of audit and regulatory reviews.
Pike continued saying: “Governor has been specifically developed in conjunction with the FCA utilising Governor Software’s unique visualisation technology to provide regulated firms with their own unique version of the FCA Handbook along with other regulations.”
Governor Software claims that it has been able to combine its innovation in governance and oversight with Sicsic Advisory’s expertise, insight and understanding of the UK insurance industry’s regulatory environment.
It further said that the new offering can support senior managers who have to evidence ‘reasonable steps’ to comply with all regulatory requirements. It is part of the extension of the Senior Manager and Certification Regime (SM&CR) which is now live for all financial services firms.
Sicsic Advisory managing director Michael Sicsic said: “I see this as a unique opportunity to support firms of various size and complexity, and help them digitalise key compliance processes by using this innovative RegTech solution.
“This will allow insurers and intermediaries to design an outcome-driven compliance program and to be able to demonstrate compliance in an ever-changing environment.”
Governor Software developed FCA’s Handbook
The FCA’s Handbook, developed by Governor Software, contains a complete record of FCA Legal Instruments and presents the changes made in a single, consolidated view.
Sicsic Advisory was founded by Michael Sicsic last year in London. The firm focuses on financial services risk and regulation. The firm has the expertise gained through direct industry experience, consulting roles and regulatory supervision role in the UK insurance market.