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Insight Conduct Risk Platform

Insight Conduct Risk Platform

The Senior Managers and Certification Regime (SM&CR), the new regulatory rules regarding Individual Accountability resulting from the Financial Services (Banking Reform) Act 2013, were rolled out by 7 March 2016. The FCA and the PRA believe that holding individuals to account is a key component of effective regulation. In this consultation, the regulators are proposing changes to the way individuals working for UK banks and building societies are assessed and held accountable for the roles they perform.

The deadline for Responsibilities Map and Statements of Responsibility passed in 2016 and the FCA Register now shows Senior Managers from 7th March 2016, whilst the deadline for issuing Certificates under CERT Regime is 7th March 2017.

The new rules extend both the breadth and depth of regulation and significantly increase the population of individuals accountable to the Regulators. The new framework encourages individuals to take greater responsibilities for their actions and therefore makes it easier for the Regulators to hold them to account.

The implications for Firms, governance structures, compliance, record keeping, assessment processes, systems and controls are very significant and the time table for implementation is very short.

Insight can help you to be confident in meeting these challenges and providing the regulator with what is required, with the capability to easily support Individual Accountability obligations alongside any existing Approved Person regime requirements that persists.

  • Presenting consistent information to everyone
  • Helping focus on priority tasks
  • Acting as a conscience and a prompt
  • Providing the tools and the information required for the task – there and then
  • ‘Sign‐posting’ and managing process – promoting consistent behaviour
    • What have I got to do?
    • When by?
    • What next?
  • Applying control – everyone who needs to, knows when I’ve done my bit (or not!!)
  • Robust, auditable, efficient record keeping

Click here to register for more information about the Insight Conduct Risk Platform

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