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Strengthening Individual Accountability Regime

Individual Accountability Regime

The Senior Managers Regime (SMR) came into force in March 2016. The new regulatory rules regarding Individual Accountability resulting from the Financial Services (Banking Reform) Act 2013, will apply to all but ancillary staff in UK Banks, Building Societies, Credit Unions and large Investment firms. Redland's Insight SMR solution supports the creation and ongoing maintenance of your firm's Responsibility Maps satisfying the regulatory requirements for a clear auditable Responsibility Map.

The UK Senior Insurance Managers Regime also came fully into force in March 2016. The Senior Insurance Managers Regime amends and replaces the Prudential Regulatory Authority’s (PRA) Approved Persons Regime, and implements certain measures under Solvency II, which relate to governance and the fitness and propriety of relevant individuals. The Financial Conduct Authority (FCA) has retained its own Approved Persons Regime, and this regime has been amended to complement the Senior Insurance Managers Regime. Redland's Insight SIMR solution supports the requirement for firms to compile and maintain a ‘governance map’ containing the names and positions of those who effectively run the firm, as well as those with responsibility for a key function.

The risks and consequences of failing to adhere to these regimes are too important to leave to ad-hoc, manual and unsustainable processes - click here to take a look at Insight SM&CR.

Insight can provide the capability to easily support Individual Accountability obligations alongside any existing Approved Person regime requirements that persist.

Insight is a robust, auditable record keeping solution for the new Senior Manager Key Functions and Responsibilities, which can be tightly linked to roles and positions within the Organisational Hierarchy.

The Senior Management Regime introduces a strict preapproval process which is easily supported with an auditable repository for key documents, including sign‐off controls and version management. Insight also fully supports the ongoing Senior Manager requirements for Learning and Development Plans, ‘Hand Over’ processes and Responsibility Audits.

Insight provides efficient and effective tools to identify roles and staff subject to certification, monitor and record competence and propriety, annually issue and record certificates and proactively manage the process for you. Real‐time holistic MI Dashboards, give senior managers clear views of emerging risks and complete oversight of performance throughout the organisation.

Redland Business Solutions Limited, No.2 Greenbox, Westonhall Road, Stoke Prior, Bromsgrove, Worcs, B60 4AL