Role assurance regimes and regulatory guidelines on individual accountability such as the SMCR are part of a global trend to support a change in culture at all levels of financial services. MCO recently launched its award-winning Role Monitoring and Accountability (RMA) module to help firms comply with SMCR and similar regulations.
Press Release originally published at bobsguide.com on May 25, 2021
MCO (MyComplianceOffice) today announced the launch of the latest addition to its employee compliance suite. Role Monitoring and Accountability (RMA) is a solution for firms to capture relevant employee functions, responsibilities, and activities in compliance with role assurance regimes and regulatory guidelines on individual accountability. It offers a new and effective way for financial services firms to comply with SMCR and similar regulations.
"To create our new RMA product, we reviewed the requirements of global regulations such as the Senior Managers and Certification Regime (SMCR) in the UK, Senior Executive Accountability Regime (SEAR) in Ireland, Banking Executive Accountability Regime (BEAR) in Australia, Manager-In-Charge regime (MiC) in Hong Kong, and similar regimes proposed in Singapore and Malaysia", said Keith Pyke, Solutions Director at MCO. “Our customers were in need of a better way to capture and report on these types of requirements.”
Brian Fahey, CEO at MCO, further explained, "We designed the Role Monitoring and Accountability module to work alongside all products in the MyComplianceOffice suite, taking full advantage of the robust MyComplianceOffice platform and breadth of compliance management functions. The integrated nature of our solutions not only cut the cost of compliance processes but also improve effectiveness, to make them quicker and more reliable."
In March 2021, MCO won the A-Team Innovation Award 2021 for "Most Innovative Conduct Risk / SMCR / Know Your Employee (KYE) / Staff Surveillance Project". This recognition demonstrates MCO’s capability to drive continued progress in conduct risk compliance technology and effectively expand its product portfolio to meet market demand.
Role Monitoring and Accountability benefits include:
- Easy to implement and use by employees, HR, and Compliance
- Simplifies the certification process required by regulations
- Enables firms to more easily comply with regulatory reporting requirements
To learn more about the Role Monitoring and Accountability (RMA) solution, download the brochure.