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Click here to download a copy of Broker ASSESS Sales Order Form
An Industry Solution
Under statutory regulation firms have to be able to demonstrate that an individual is competent - and remains so - to undertake a specific job to meet the FSA training and competence regulations. A vital aspect of modern regulation is the need for authorised firms to be able to demonstrate that an individual is competent to undertake a specific job. You must therefore decide how to establish, assess and record competence as well as keep up-to-date with the latest information. Failure to do so will effectively increase business risk .
To address these issues, BIBA and the Chartered Insurance Institute (CII) have pooled expertise and resources to create an industry solution.
Together, we have developed an industry solution for knowledge competency assessment for the broker market. We have developed a comprehensive, co-ordinated range of online learning and assessment tools, specifically designed for the general insurance broking profession: broker ASSESS.
Regulatory Compliance
broker ASSESS is designed to help brokers with the Training and Competence (T&C) requirements for FSA regulation.
Through broker specific assessments, the tool provides an objective measure of employees’ knowledge and understanding. It identifies gaps for learning purposes so that compliance with Training and Competence requirements can be continuously reviewed and maintained. The system also provides a robust management information system for record keeping purposes.
How broker ASSESS fits into your compliance plans
Why use an online system?
By taking advantage of an on-line system, a firm can have all output from assessment and maintaining competence activity monitored and kept up to date without manual intervention. Using an asp solution means that access to the resource is available from anywhere and frees up space on the firms own server or network. The system can easily be kept up to date and new material can be added without the intervention of the firm.
Individuals can access the system remotely as well as at work and the responsibility for system administration and content management is owned by the provider. This frees the firm to concentrate on using the available resources to maximum effectiveness, without worrying about how to source appropriate training or testing material.
Holding all the output of tests and on-going development within a secure database facilitates easier interrogation of the output. Rather than collating the output of different systems, or the frustration of realising that a useful analysis of the activity cannot be achieved due to a gap in the system, broker ASSESS holds all the evidence, waiting for the administrator to decide how they wish to interrogate the system.
A wide range of standard reports are available, designed in response to the users feedback, so that cross team CPD, consolidated assessment scores by competency area and targeted usage data are all already available. These reports have been designed to address the current and future needs of regulatory compliance, but rather than individual users funding the development, they are provided to all users at no extra cost.
Why assess people?
The FSA Commitments are the clearest benchmark currently available across all areas of the financial services industry. Regardless of any additional compulsory elements, the approach of the commitments dictates that firms be certain their staff are competent and regularly review their employees’ competence. Firms also need records to prove that this work has been completed.
The manner and content of such ongoing assessments is left to the firm to decide. However, if the time and effort is to be justified, these assessments must take place in a manner which recognises the pressure of day to day work and the need to make all time productive. Assessments must be driven by business need and should be focused on the elements which the business requires. Flexibility is key.
In order that staff assessments are productive, they must focus on the business areas relevant to each individual. The element of control in administering the tests will be vital to maximise the business benefit from the individual’s down time. And if the system could go further than saying what the weaknesses are, but could also offer assistance in reaching the required target, that would add further value.
But, if the results of the assessments are to stand up to regulatory scrutiny, they must be technically accurate and not biased by any corporate view. The source and quality of any material must be validated and proven. Quality is vital.
Why keep records?
Regulators need evidence. The manner of recording and retaining the evidence if left to the firm, but the need to keep it is clear. If you can’t prove it happened, it didn’t.
However the firm decides to keep this information, it is just as important to ensure that it is collated and shared effectively. Hot spots must be highlighted and areas of compliance weakness identified and appropriate remedial action put into place immediately. It is important that systems facilitate reporting across teams and business divisions, showing the overall level of competence as well as facilitating individual analysis.
How to buy Broker ASSESS
To purchase Broker ASSESS or for further information please contact:
Kirsty Gordon
BIBA
Tel: 0207 397 0224
Email: gordonk@biba.org.uk
Click here to download a copy of Broker ASSESS Sales Order Form
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