The new rules may give rise to the following outcomes:
What does this mean for you?
Large CASS firms, classified as Enhanced firms under the new regime, will be required to put in place additional measures to meet the requirements of the regime – including Management Responsibilities Maps and documented Handover processes. Medium/Small CASS firms (Core firms), will not be subject to these requirements, but would certainly benefit from the measures proposed for enhanced firms if they chose to adopt them.
It is commonplace for Senior Managers’ responsible for CASS to have other responsibilities outside of CASS, delegating most of the day-to-day CASS responsibilities to other individuals in the firm. Under the new regime, Senior Managers will be required to put in place appropriate team structures, delegation processes and management information/reporting tools to demonstrate that they have taken reasonable steps to discharge their CASS oversight responsibilities.
How prepared are you for these changes?
Given the FCA’s continued focus on effective CASS oversight, Axiom has extended its regulatory compliance software to help firms comply with the broader requirements of the Senior Managers Regime, tailoring the solution to meet the unique demands of Core and Enhanced firms.
The Axiom for SMCR solution supports and automates the new processes required by the regime for senior managers and other employees, helping the senior managers and certified persons keep track of the responsibilities they have been allocated, the documentation they need to provide, and detailed governance information that proves they comply.
Key features of Axiom for SMCR solution
Create ‘Statements of responsibilities’ for individuals
Automatically create and maintain these documents as required by the new regime.
Manage ‘responsibility maps’ for your firm
Visual overviews of your business and essential documentation for Enhanced Scope firms
Assign Senior Managers functions and prescribed responsibilities
Demonstrate coverage of all essential functions quickly and easily
Carry out ‘fit and proper’ reviews
Show evidence that people are suitable to carry out their roles
Track professional development and training
Ensure that all staff are fully qualified and remain so over time.
Manage certification of individual
Fulfil this regulatory obligation automatically through an online workflow
Notify the Regulator of breaches
Provide evidence of control findings and show that corrective action is being carried out
Drill down to detailed analysis of functions and responsibilities
Maintain effective oversight of your area through detailed process and control reviews
Detailed MI and personalised dashboards for each role
Quickly evaluate your areas of responsibility at a glance
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