FCA COMPLIANCE

Senior Management Arrangements, Systems and Controls ("SYSC")

The purpose of SYSC is to encourage directors and senior management of firms to take appropriate responsibility for the firm's arrangements on matters likely to be of interest to the FCA, making them accountable for the control of the firm's affairs. The FCA has stated that when things go wrong, it will hold senior management accountable for those failures.

Training and Competency ("T&C") : The T&C Sourcebook requires that proper arrangements be made for all those employees associated with a regulated activity to ensure they achieve and maintain competence. There are a number of commitments in relation to T&C, with which a firm must comply. These include that employees are competent to perform their respective roles and retain this competency, confirmed through regular review, that they are appropriately supervised and that the level of competency is appropriate to the nature of the business undertaken.

Senior Managers are required to conduct internal assessment with reverse burden of proof for events.

Introducing ACReM: Automated Compliance Resource Management

  • ACReM is a cloud based subscription service
  • Digitised single view of compliance processes and resources
  • Real time RACI Matrix - which individuals are responsible for what
  • Resourcing Gap Analysis - by FTE / skills
  • Real-time Risk Alerts - eg resource allocation / attrition / unsupported activities
  • Internal Assurance mechanism - Internal audit / legal /risk/ Board reports
  • Calculate cost of compliance

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