Compliance Officer Appointment

Sigma’s premier service offering involves outsourcing the Compliance Function to Sigma. We have extensive experience through our Director Morné Steenkamp who has acted as Head of Compliance for several licensed Insurance Companies and has experience as Compliance officer for more FSP’s. The appointment includes the following:

• Implementation of the full six tear approach including a formal governance framework as required;
• Annual review (and where necessary amendment) of the Regulatory Universe and related policies;
• Annual review (and where necessary amendment) of Company Agreements;
• Regulatory Liaison (including preparation and submission of regulatory reports, FSTC, CIPC, FIC etc.);
• Formal compliance reporting to Company Board and/or Risk Committee;
• Annual completion of Compliance Risk Monitoring Plan;
• Facilitating any required reporting for Internal or External Audit;
• Review and sign-off (where applicable) of claims and/or complaints and/or company risk register;
• Record keeping as required under regulation;
• Additional roles may include POPIA Information Officer and other.

Administrative Functions

Sigma can aid with the following Compliance Related Administrative tasks:

• Drafting of Agreements with adequate client input;
• Drafting of Governance Policies with adequate client input;
• Upkeep of FAIS Representative Register
• Drafting CRMP for and FSP or Insurer with adequate client input;
• Upkeep of Complaints register and /or conflict of interest register;
• Attendance and Drafting of Meeting Minutes;
• Providing latest (financial market) regulatory updates;
• Providing CPD accredited material;
• Compliance related business training (for amongst other FAIS, FICA, Insurance Act);
• Facilitating administrative functions related to Board Meetings;
• Facilitating regulatory reporting;

Compliance Risk Monitoring System

Sigma has developed a web-based risk management system on the back of its well-known Sigma Risk Claims Management System (“SRCAS”). The risk management system enable’s users to rate risks that are unique to its business environment. Sigma has included functionality within the risk management system that enables users to rate its compliance risk (based on the entity’s compliance universe). The risk management system makes provision for complex organizational structures and can include risks entrenched in different currencies.

Compliance Template Design

Sigma can assist your business with tailor-made compliance templates for your entity. Our Compliance Officer will meet with any interested business to establish their needs. A Draft will be shared with the client to get their input and enable them to add specific detail, as needed, before a final template is sent out.

Morné Steenkamp can be contacted via email or telephone to discuss the compliance templates (see next section for templates).