Solidatus for Senior Managers and Certification Regime Management Responsibilities Map: Global Investment Bank
Solidatus for Senior Managers and Certification Regime Management Responsibilities Map: Global Investment Bank
1 PagesFollowingtheFinancialConductAuthority(FCA) announcingtheextensionoftheSeniorManagersand CertificationRegime(SMCR),thiswell-knownGlobal InvestmentBankwasconcernedthattheirSenior Managerswerebeingundulyexposedtoreputationaland financialpenaltiesthroughtheinherentriskofhuman error.Theupdatedregulationsstatedthatthe interpretationoftherulesshouldnotbetreatedasa‘tick box’exerciseandtheyexpectedallfirmstoconsiderhow theyapplytherequirementstoencouragestafftotake personalresponsibilityfortheiractions,improveconduct atalllevelsandmakesurefirmsandstaffclearly understoodandcanshowwhattheydo. Afurtherchallengewastheneedforfirmstorecordtheir keygovernancearrangementsinaManagement ResponsibilitiesMap(MRM).TheBankrecognisedthat theirexistingprocessesmeantthattheSeniorManagers werereliantonaconvolutedand
