WHAT IS IRIS?
IRIS is the simple, cost-effective one-stop automation of a complex regulatory requirement on Balanced Scorecard (BSC) Framework for the remuneration of Financial Adviser (FA)’s Representatives and Supervisors prescribed by the Monetary Authority of Singapore (MAS) as one of the key outcomes from the Financial Advisory Industry Review (FAIR).
IRIS is intended to assist Financial Advisers, Insurance Companies, Banks and other Financial Intermediaries who may sell or market life insurance products, investment products and provide financial advisory services to retail investors in Singapore better comply with this regulatory requirement.
WHAT DOES IRIS DO?
Automation of quarterly sampling of transactions
Repository and documentation of work done by ISAU on sampling, appeal handling, complaint handling and mystery shopping exercises
Computation of BSC grades of Representatives and Supervisors
Computation of Specified Variable Incomes and respective withholding amounts of Representatives and Supervisors
Production of management reports and MAS BSC Report
Segregation of duties into numerous user groups