Senior Managers & Certification Regime  Oversight

In response to the 2008 banking crisis and significant conduct failings such as the manipulation of LIBOR, the FCA and Prudential Regulation Authority (PRA) applied the SM&CR to the banking sector. The FCA has now extended the SM&CR to cover insurers and solo-regulated firms as well. The FCA expects that regulated entities have oversight of the status of their compliance with the SM&CR regulations in particular they are also required to provide a management responsibilities map, documenting the senior management responsibilities (Statements of Responsibilities – SoRs) for the firm as a whole, together with other information about the firm’s management and governance. Governor provides the SM&CR regulations as a set of maps that can be used by clients to understand the various obligations and then to link their policies and controls to those items to evidence the completeness of their “Reasonable Steps Framework”. As the FCA updates the SM&CR regulations, Governor will provide our clients with updates to their maps and the system will automatically notify the relevant staff (policy owners, control owners, etc.) of the changes.

 

SM&CR Governor demonstration

 

Approach

Governor provides our clients with detailed maps of all the SM&CR regulations. For each item you can define the people in charge and the approach for assessing compliance status. Governor then enables you to gather metrics and other data and present it to the relevant people so that they can make informed decisions and evidence oversight. As the FCA updates the SM&CR regulations, Governor will provide these updates to our clients' maps and the system will update and inform the relevant staff accordingly

 

Key functions include:

  • Automatically updated with full FCA SM&CR regulations
  • Automatically pull metric data from other systems
  • Workflow enable the metric collection and status assessment process
  • Include commentary, discussions and attachments
  • Link items to any other items
  • Set thresholds for all risks and objectives
  • Tag risks and objectives with items such as: products, legal entities, risk types, committees, etc.
  • Filter views by tags, status, date, etc.
  • Drill through the map to understand cause and effect
  • See how the Regulatory Compliance Governance map looked at any date in the past
  • Set security so that people can only view/edit relevant parts of a map
  • Works on desktops and mobile devices