The Unicorn SM&CR Toolkit

The Unicorn SM&CR Toolkit

Are you responsible for managing the SM&CR in your organisation? If so, read on to find out how the Unicorn LMS can support you to meet your firm's obligations. Not you? Share this post with the appropriate people in your firm today.

For the Financial Conduct Authority (FCA), holding individuals to account is a key component of effective regulation. This was demonstrated with the introduction of the Senior Managers and Certification Regime (SM&CR) in 2016 and originally only applied to dual-regulated firms. In December 2019, the regime will become applicable to almost every firm regulated by the FCA.

The Unicorn LMS offers a specialist set of tools to meet the demands of the SM&CR, developed by experts to provide a comprehensive solution. There are many benefits to using our tools:

  • Straightforward to use
  • Fully integrated with the wider LMS
  • Automatically leverages key data such as CPD, regulatory training, and performance management
  • Minimises risk
  • Reduces manual overhead

Want to see the Certification Regime tools in action? Why not book a place on our brand new webinar? Sessions are running on:

  • Thursday 29th August (2.30pm)
  • Tuesday 3rd September (2.30pm)
  • Thursday 26th September (10.30am)

Contact the Learning Managers to book your place.

Watch our video and take full advantage of our LMS tools while following our 9 simple steps to setting up your LMS to support your firm’s obligations.

Step 1. Build your Responsibilities Map

Use our Responsibilities Map tool to seamlessly record and allocate responsibilities to your Senior Managers. You can create separate maps for each legal entity and track the acceptance of individual responsibilities.

Editing the map is easy with a handy people picker to assign categories to your Senior Managers. Categories can be edited and added to suit your organisation. You can view a visual representation of the map, with the ability to add custom cards and highlight visual areas.

The tool provides full version control, allowing you to track over time how your organisation structure and allocation of responsibilities has changed. You can generate a PDF version of your map at any time to provide full visibility of your SMR structure and submit to the FCA.

Fitness and Propriety

A key part of the Certification Regime is the requirement to certify any staff whose job can cause significant harm to the firm or its customers as Fit and Proper. The Unicorn LMS provides a variety of easy-to-use tools which, together with the use of Forms & Workflows, will enable you to create a Fit and Proper Test to efficiently assess the fitness and propriety of your staff.

Step 2. Assign certified functions to your staff

Assign certified functions to individuals and select which legal entities they apply to in just a few clicks. This can be done in bulk, allowing you to assign categories to hundreds of users with ease. Once certified functions have been assigned, individuals can be assessed as Fit and Proper in the context of their specific function or role.

Step 3. Define your Mandatory Training ready to track in your Fit & Proper Test

Tag training on your LMS with an appropriate mandatory training category. You can then add the Mandatory Training field into a form template which, when assigned to a user, will automatically generate their progress through any mandatory training assigned to them. Use multiple categories to keep track of different types of training, for example Compliance or Conduct Rules training.

Step 4. Create personal custom fields to capture key data to pull in to your Fit & Proper Test

Create personal custom fields to capture additional information about your staff within the individual’s profile, for example the date their last credit or DBS check – key requirements for certifying staff as Fit and Proper. Then, use the custom field within a form template to either pull the user’s profile data into your form or push the data entered during the Fit and Proper Test to automatically update the user’s profile, saving you valuable time in managing your user’s personal data

Step 5. Track CPD

Use the LMS’s CPD tracking tool then use the CPD Status field when designing form templates to present their progress towards their annual CPD target. You can decide over which time period you want to present. When the form is assigned to a user the field will automatically populate with their progress towards their CPD requirements, providing an instant visual tool to generate discussion and reflection.

Step 6. Create a Fit and Proper form template

Bringing together all of the above tools, use Forms & Workflow to create a Fit and Proper Test – either by using our pre-made, fully customisable template or by designing your own from scratch.

Apply validation to your fields to validate the data entered whilst the form is in progress – if the form doesn’t meet the valid criteria, it can be withdrawn or rejected.

Editable workflows allow you to define who needs to sign off and contribute to an individual’s Fit and Proper Test.

Once created, you can assign the Fit and Proper Test to your users in bulk, set due dates and create automated email reminders to alert your users what they need to do and by when.

Step 7. Award a certificate

Enable certificates on your Fit & Proper Forms, customise the content of the certificate and set an expiry date. When an individual passes their Fit and Proper test, they will automatically be awarded a certificate proving they are certified until the date of expiry. Users can download and print the certificate from their profile at any time.

Certificates can be tailored to pull in relevant information from the Fit and Proper test, such as the individual’s personal details and the function or role they have been certified for.

Step 8. Use a chart report to track fitness & propriety across your organisation

Lastly, report on the status of your Fit and Proper Tests across the whole organisation or specific departments by creating a chart report using our Reporting tool. See at-a-glance where your potential risks are with clear graphical charts that are easy to access, collate and export.

Step 9. Access forms as a manager or contributor

Individuals responsible for signing off a Fit and Proper Test or for contributing to the form, can easily access the form from the My Actions portlet on the home page or, if they are a Line Manager or Administrator, from the My Team Activity Dashboard. They will also be notified via email that there is a form requiring their attention.

For managers or individuals who will be responsible for signing off a large number of forms, My Actions is an easy way of viewing all outstanding actions at once and can be sorted by due date, allowing you to focus on the most urgent actions first.

Read our Help Guides for a more detailed look at each step in the process. If you need more support, contact our Support Analysts on 0800 055 6586 between 9am to 5.30pm, Monday to Friday, or email helpdesk@unicorntraining.com.

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