19.12.2018

SM&CR blog series #4 - SMR Tool

Using the Unicorn SMR tool
The Financial Conduct Authority (FCA) believes that holding individuals to account is a key component of effective regulation, this is shown through the Senior Managers and Certification Regime (SM&CR) which originally applied to dual-regulated firms. On the 10th of December, this was extended to insurers and reinsurers. Solo-regulated firms will also be subject to the regime from 9 December 2019.

To assist firms with meeting the requirements of this regime, we have developed tools to help with the easy planning, building and maintaining of Responsibilities Maps and Individual Statements of Responsibilities with full auditing capability.

Read on and watch the video below to find out why using our tool is the right choice for your firm.

Easy to use and developed by experts

There are many features of our tool that make creating and maintaining Responsibilities Maps easy. We’ve worked closely with subject matter experts and financial services clients, who were already subject to the regime, to ensure we meet their current requirements whilst also drawing on requirements from firms who will soon be impacted by the extension to the regime.

Comprehensive

We are uniquely positioned to offer a comprehensive solution that includes SM&CR support plus online training for the Conduct Rules. There is no additional cost or complexity of introducing the new system for clients who already have the Unicorn LMS in place.

Integrated

Our solution is fully integrated with the single tenancy LMS, allowing the system to automatically leverage key data such as employee records, CPD, regulatory training records, performance management and T&C which run on existing data-feeds that are usually in place.

Effective risk management

You can manage risk more effectively by having clearly defined and approved responsibilities, whilst also delivering assurance to the regulator, your executive team and NEDs on demand. Our solution provides firm-wide SMR visibility, a comprehensive online audit and accountability tracking with automatic version control.

Simple change management with end-to-end control and visibility, systemising your SMR solution removes the complexity of generating and maintaining offline files resulting in significant resource and time savings.

Setting up your map

The Responsibilities Map can be easily enabled by Super Administrators. A wizard takes you through the initial set up where you can select your sector and firm type, automatically pre-filtering the list of Senior Management Functions and Prescribed Responsibilities to best match your organisation.

A handy tour is available to guide you through how to use the tool.

Support for multiple legal entities

Maps can be added for multiple legal entities. Permissions can be set on the separate maps so that individuals can be responsible for the maps in each legal entity. Our guide on Unicorn Help explains how to set up a map for each legal entity to support firms with a more complex structure: add multiple legal entities to the Responsibilities Map.

Assigning responsibilities

Editing the map is easy. To assign users to categories simply drag and drop the relevant user from the people picker to the appropriate category. Categories can be edited and added to suit your firm. Take a look at our guides on Unicorn Help for more information: edit or add a category to the Responsibilities Map and assign or remove a user from a category

Structure and reporting lines

The Structure tab shows a visual representation of the current organisational structure. Reporting lines can be changed to match the structure in each legal entity, with the added benefit of adding custom cards to represent people or roles not on your Responsibilities Map. You can also highlight visual areas to make complex structures easier to view. For more guidance on this check out our guides on Unicorn Help: edit the reporting line structure within the Responsibilities Map

Visibility and audit tracking

The version control enables you to view previous draft versions of the Responsibilities Maps, which can also be edited or deleted. Before you set the Responsibilities Map live, each user assigned to a Category needs to review and confirm their acceptance of their assigned responsibilities. This can be done online or offline at the convenience of each Senior Manager.

The Changes tab shows all users that need to confirm their acceptance, making it so easy to track changes between each version.

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You can download your map to PDF. The PDF is a key document that firms can submit to the FCA. It displays the complete structure, a full list of assigned categories and individual statements of responsibility.

Visit Unicorn Help and view our comprehensive selection of guides on our Senior Managers Regime tool.

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