Industry veteran Michael Sicsic partners with Governor Software to help brokers and insurers digitalise key compliance processes in a changing regulatory environment.
Governor Software and Sicsic Advisory have teamed up to launch a live version of the Financial Conduct Authority’s (FCA) handbook that enables firms to map, track and report regulatory compliance.
The companies stated that the strategic partnership aims to help UK regulated insurance firms, including brokers and insurers, stay compliant in a constantly evolving regulatory environment.
The offering also includes Governor Software’s live version of the Prudential Regulation Authority’s (PRA) handbook.
According to Sicsic Advisory, the new offering can also support senior managers who have to evidence “reasonable steps” to ensure compliance with all regulatory requirements of the Senior Managers and Certification Regime (SM&CR).
The SM&CR was extended to include brokers in December last year.
Sicsic Advisory was founded by Michael Sicsic who has previously led the supervision of the general insurance retail sector at the FCA.
Prior to joining the regulator, Sicsic had various senior executive roles in risk and finance at Aviva and GE Capital.
Sicsic commented: “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.”
Richard Pike, founder and CEO, Governor Software, commented: “Financial institutions are under increasing pressure from the regulator to demonstrate compliance to 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.”
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