- Management and production of MAPS (MRM)
- Automatic compliance validation
- Creation and maintenance of ‘SORS’
- Committee management
- Map drafting and audited approval processes
- Automatic customised Map output
- Recording of Reasonable Steps
- Manage primary and 2nd tier reporting lines
- Recording of role-specific training
- Breach recording and management
- Breach reporting to the Regulator
Senior Managers Regime:
The new Senior Manager and Certification Regime or SM&CR regime has been created to enhance individual accountability within financial organisations and boost sector confidence. The regulations are being rolled out to all firms working within financial services and are focused on strengthening individual accountability. The FCA and PRA see holding individuals to account as essential in ensuring regulations are adhered to.
There are two tiers of Conduct Rules, with one set applying to all staff and the other only applying to Senior Managers. The size and nature of your firm will most likely have a substantial influence on how regulators will apply SM&CR. The FCA have been quick to emphasise that the new regime won’t automatically protect firms from fines despite the extra responsibility handed to individuals. Firms could still be fined heavily for failings, and the regime does not mean an end to action against firms.
The Risks of Poor Attestation
Companies that fail to implement reliable attestation processes are increasingly likely to fall foul of the law. Poor attestation processes can result in inaccurate financial reporting and poor compliance, with managers personally being held responsible for failure. The Individual Conduct Rules are being applied to all staff other than administrative employees. Financial institutions can reduce risk by streamlining their audit and compliance processes via strategic attestation management, delivering total visibility of their compliance processes and gaining a greater understanding of documents, applications, systems and how they work together.