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By Kali Bagary | 15 JANUARY 2017 |

With the impending March deadline approaching, course completion requirements looming and functional head availability questionable; compliance professionals really need to get on top of the governance and responsibilities mapping NOW..

With staff appraisals and bonus calculations in the final months, sadly compliance often gets pushed down the priority list.

To avoid potential fines in March, financial institutions under the SIMR and SMCR regime, should already have identified the following:

All global business unit heads within the business
  • their roles and responsibilities
  • their ‘fit and proper’ testing in carrying out their roles and responsibilities
  • any identified gaps allocated to the appropriate courses to fill those gaps

    All global functional heads within the business

  • their roles and responsibilities
  • their ‘fit and proper’ testing in carrying out their roles and responsibilities
  • any identified gaps allocated to the appropriate courses to fill those gaps
  • Having this information to hand will enable the compliance department to prepare organisation charts specifically for SIMR and SMCR reporting: ie. The Governance Map and The Responsibilities Map.

    This will enable your teams to find the required available courses, which can then be allocated to the relevant business unit and functional heads. As courses vary in duration – from online, to 1 day, to 6 weeks; this can pose a challenge when

    (a) finding the appropriate course
    (b) finding the suitable time for staff to attend the course
    (c) documenting & proving all the courses and staff attendance.

    Once all this has been done, your compliance teams should now be in a position to carry on regular monitoring to ensure any staff changes will be automatically mapped to roles and responsibilities as well as carry out ‘fit and proper’ testing to ensure ongoing compliance.

    If you have disparate systems for this – we truly believe your time is running out and you will be under greater pressure than you need to be.

    As always we are here to help you manage any aspect of the above. Our Fintech solution, infoFINIUM has been specially created by IT experts and led in the design by industry experts, who have many years’ experience in regulatory reporting. We invite you to peruse our range of services at www.techfinium.com or call us on +44 1494 546 089


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