2. Compliance Solutions at the Touch of a Button
Compliance is essential to all financial institutions and can help you to improve the way
you do business. But when new policies and guidelines are regularly being introduced
and updated for the insurance industry, how can firms stay on top?
“We believe that it (iBMACS) will provide directors and owners with the high level of expert
guidance they require.”
Steve White, Head of Compliance and Training, BIBA
“Regular use of iBMACS will enable firms to achieve, maintain and monitor compliance.”
Paul Meehan FCII, Group Chief Executive, Smart & Cook Group Limited
“We use the iBMACS system to bring together and maintain the various elements of our
compliance regime. The system is easy to use, reliable and can produce great management
information, which combined proves to be an invaluable tool in managing compliance.”
David Charles, Managing Director, Cooke & Mason Plc
3. Compliance Solutions at the Touch of a Button
Covering more than 20 areas
iBMACS is a web based solution that can enable every broker to achieve and maintain
compliance. There are over 20 components, covering Broker Management, Regulation
Management and Client Management. Contained within these sections are hundreds
of pages written in clear English to help the user to fully understand the FCA rules and
regulations. There are also helpful templates for you to save, print off and use within
your business.
BROKERMANAGEMENT
REGULATION
M
ANAGEMENT
CLIENT
M
ANAGEMENT
APPOINTEDREPRESENTATIVES
BUSINESSCOMMUNITYPLANS
CAPITALRESOURCESREQUIREMENT
CLIENT M
ONEY
CONFLICTS OF INTEREST
FINANCIAL PROMOTIONS
INSURER MONEY
INTERNAL RECORDS
OUTSOURCED ACTIVITES
PROFESSIONAL INDEMNITY INSURANCE
AGENCIES&
SUB
AGENCIES
SYSTEM
&CONTROLS
TREATINGCUSTOMERSFAIRLY(TCF)
ANUNALACCOUNTS
FINANCIALCRIME
DATAPROTECTION
OW
NERSHIP CHANGESWORKING WITH THE FCA
RULE BREACHES
VARIATION OF PERMISSIONS
COMPLAINTS
SALESPROCESS
4. Compliance Solutions at the Touch of a Button
iBMACS also contains functionality in the majority of areas enabling users to record
information, events and calculations.
The functionality allows you to:
Enter applicable records
Instantly see records that are compliant and non-compliant
Provides an overview of compliance for that area
View and modify previously created records
See an audit trail for each record from date of creation
What are the benefits?
Compliance is a massive headache for most brokers – iBMACS helps brokers to solve
this, releasing more time to deal with clients
Non-compliant areas are automatically flagged by iBMACS, providing peace of mind
iBMACS has easy access information on all areas of regulation, as well as access to the
latest industry news and developments
By using iBMACS, compliance becomes embedded throughout a firm rather than on
one or two individuals, easing the pressure of responsibility
5. Compliance Solutions at the Touch of a Button
The summary section overview
shows you for each area within
the section the total number of
records and the status of those
records (Red, Amber or Green).
This will enable you to plan ahead
in terms of assigning work and
resources.
See the overall compliance of
your firm as it currently stands
in an easy to read Red, Amber
Green bar chart - a great senior
management tool.
Simply click on Broker, Regulatory
or Client Management to see at a
glance the compliance status of
each specific area.
Additional benefits:
Compliance as at now report – export all records in to Excel. Should the regulator
come visit, this information will prove invaluable
Broker Profiling – see historical information from previous months plotted in a line
graph allowing you to identify movement towards compliance and any trends
iBMACS - A One Stop Resource to help you achieve, maintain and monitor compliance.
Visit www.ibmacs.com for further information and to sign up.
