Compliance Compass, the tool for insurance brokers

Why Compliance Compass?

Many brokerage firms today still work with separate documents, Excel files and manual tracking. This works as long as everything stays small and organized, but quickly becomes complex with growth, new employees or an audit. Compliance Compass brings structure and peace of mind. You no longer work reactively, but build step by step a sustainable compliance approach that grows with your office.

With Compliance Compass:

• Centralize all your compliance obligations in one place;

• maintain an overview of actions, risks and procedures;

• onboard new employees in a structured and correct manner;

• Track your training and refresher courses easily;

• you are prepared for an FSMA audit, without stress.

This makes compliance a manageable and workable part of your daily operation.

What compliance and regulations are we talking about?

For insurance brokers, compliance means above all: working correctly according to the applicable rules, organizing this properly within the firm and being able to demonstrate that everything is followed effectively. Compliance Compass supports you with the most important regulations facing brokerage firms today, including:

• FSMA: supervision of the operation and organization of the brokerage firm

• IDD (Insurance Distribution Directive): rules on knowledge, competence and continuous training of employees

• AML (Anti Money Laundering): obligations around recognizing and monitoring money laundering risks

• GDPR: correct handling of customer data and protection of privacy

These obligations are not separate. Compliance Compass helps you bring them together into one coherent and clear whole.

As an insurance broker, what do you need to follow up on?

In practice, compliance boils down to a number of recurring points of interest within every brokerage firm. Think about recording how your office operates, who is responsible for what, and how to properly supervise employees.

Compliance Compass helps you do such things as:

• documenting procedures and internal agreements

• Clear definition of roles and responsibilities

• The correct onboarding of new employees

• Follow up on training and refresher courses (IDD)

• Documenting risks and concerns, including those related to AML

• Proper management of customer and personal data (GDPR)

• demonstrating your compliance approach

Developed with and for insurance brokers

Compliance Compass was developed in close cooperation with insurance brokers. The tool does not start from theory, but from the daily reality of the brokerage office. You notice this in the structure, terminology and focus on what is really needed to keep compliance manageable, without unnecessary complexity.