SMCR Software Solution

Create an overview of your Senior Manager Functions (SMFs) and allocate Prescribed Responsibilities (PRs) amongst them. Set up workflows for Senior Managers (SMs) to accept SMFs and PRs. SMs may view their assigned responsibilities on individual SM profile page, and they can add personal notes to each responsibility to further clarify their role. SMFs can complete Statements of Responsibilities (SoRs) using templates and system data.

Certify the fitness and propriety of employees in “significant-harm” functions who are not pre-approved as SMFs. Identify Material Risk Takers (MRTs) and their function areas. Utilize the OOTB workflow to manage the end-to-end Certification process, or customize it to mirror the organization’s current BAU process. Produce certificates and automate initiation of annual re-certifications. View certificate status on certified employee’s individual profile page.

Demonstrate compliance with FCA’s Conduct Rules. Keep your staff informed about Individual Conduct Rules (which apply to all employees except ancillary roles such as security guards and receptionists) and Senior Manager Conduct Rules (which apply to employees in SMF roles), and ensure that your staff receives appropriate training. Track and monitor progress of training across your firm. Record, investigate, and report on Conduct Rule breaches.

Articulate your expectations to SMFs for evidencing reasonable steps. Empower your SMFs to take reasonable steps to prevent regulatory breaches from occurring. Identify risks associated with specific Prescribed Responsibilities. Design actions to mitigate identified risks, assign actions and monitor their progress. Store supporting artifacts to evidence Reasonable Steps taken around key decisions.

Establish a bespoke workflow to track the proper handover of all components (incl. job description, responsibilities, outstanding issues, etc.). Track mandatory handover meetings, incl. participants, agenda items, meeting minutes and action items. Store all relevant handover documents in centralised digital repository. Create and standardise individual SM handover documentation for both the outgoing and the incoming SM.

Conduct all SMCR administrative duties with ease. Manage SM&CR for all in-scope Legal Entities of the organization. Track regulatory approvals for in-scope individuals. Assign default Prescribed Responsibilities for each SMF. Import relevant data from multiple sources either by system integration or by manual data uploads. Monitor and report on the status of Senior Managers’ acceptance of allocated functions and responsibilities. Monitor and report on progress and status of the Certification process. Produce Management Responsibilities Maps (MRMs) and dynamic org charts populated with current system data. Organize documents and other supporting artifacts to evidence compliance with the SMCR regime. Set up automated alerts for overdue actions.