As of January 14th 2005, all general insurance intermediaries became regulated by the Financial Services Authority ('FSA') which has replaced the General Insurance Standards Council. Many of these financial services companies (and also others such as Banks, Building Societies and already regulated Insurance Companies) are obliged to maintain internal policies and procedures that govern how their employees should act. Maintaining and distributing such policies and being able to demonstrate how they have been complied with is often difficult.
Rather than rely on paper manuals, Intranet and internal e-mail systems, Conform is able to distribute new policies and update existing content to management and track whether they have been read and test whether they have been understood.
Conform allows compliance teams to monitor policy compliance and maintain an audit trail of actions and inactions, thus ensuring the regulated firm is able to demonstrate pro-active management of their policies and procedures.
The Admiral Group plc has recently invested in Conform as a solution to help them to manage the distribution of their internal policy and procedure manuals, helping them to demonstrate compliance with regulation.