Governor Software and Sicsic Advisory have entered into a strategic partnership to support insurance firms in the UK in meeting regulatory and compliance requirements.

The partnership will provide the industry with online compliance solution to comply with evolving requirements.

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It seeks to leverage Sicsic Advisory’s knowledge in UK regulatory environment for insurance and Governor Software’s FCA and PRA Handbook to assist the industry.

Governor Software founder and CEO Richard Pike said: “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.

“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.”

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The partnership will support senior managers in the insurance industry to evidence ‘reasonable steps’ to ensure compliance. This is a part of the extension of the already-live Senior Manager and Certification Regime (SM&CR).

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.”

Founded in 2015, Governor Software supports senior risk and compliance executives at financial institutions in maintaining governance and oversight.

The company has offices in Dublin, London and New York.