MCO designed a solution for firms to capture relevant employee functions, responsibilities, and activities in compliance with role assurance regimes.

Role assurance regimes and regulatory guidelines on individual accountability are part of a global trend to support a change in culture at all levels at financial services and apply to the most senior executive management and directors subject to regulatory approval.

The MycomplianceOffice Role Monitoring and Assurance help financial services firms comply with:

  • Financial Conduct Authority (FCA), Senior Managers and Certification Regime (SMCR)
  • Australian Prudential Regulation Authority (APRA), Banking Executive & Accountability Regime (BEAR) that applies to Authorised Deposit-taking Institution (ADI) and the Responsible Person CPS 520 Fit and Proper (SPS Fit and Proper for superannuation)
  • Australian Security and Investment Commission (ASIC), Responsible Manager for Australian Financial Services (AFS) licensees
  • Central Bank of Ireland (CBI), Senior Executive Accountability Regime (SEAR)
  • Monetary Authority of Singapore (MAS), Guidelines on Individual Accountability
  • Hong Kong's Securities and Futures Commission (SFC), Manager-In-Charge (MIC) Regime
  • Bank Negara Malaysia (the Central Bank of Malaysia) map of senior individual responsibility

Based on the English regime, SMCR, role assurance regimes request that firms allocate prescribed responsibilities across their senior managers, set out their duties, and disclose all matters relating to a candidate's fitness and propriety. For more information regarding individual accountability guidelines and regimes, visit our Senior Managers Regime info page to overview the UK guidelines and recommendations for companies to comply or watch our SMCR webinar HERE.

And if you are located in Singapore, we hosted a webinar with Thomson Reuters to discuss how the Monetary Authority of Singapore (MAS) intends to ensure that senior executives are following conducts rules and if financial institutions' culture are reflecting high ethical standards. You can watch Thomson Reuters experts and our Asia-Pacific director, Kelly-Ann McHugh HERE.

What will it do for me?

With the MycomplianceOffice Role Monitoring and Assurance (RMA) module, Compliance and Human Resources departments can:

  • Manage the annual certification process and Fit & Proper assessment
  • Identify, record, and report conduct rule breaches
  • Generate certificates and reports for regulators, including Statement of Responsibilities (SoRs) & Responsibility Maps
  • Monitor changes to senior managers roles and responsibilities
  • And more

Mitigating risk and ensuring compliance more efficiently

The Role Monitoring and Assurance (RMA) within MyComplianceOffice Know Your Employee suite provides compliance with access to a comprehensive employee dashboard. Administrators can conduct certifications, alerts, violations, cases, and assignments related to the employee.

RMA provides you with all the essential tools you need to achieve and manage compliance across your organization. The benefits include:

  • Easy to implement and use by Human Resources, Compliance, and employees
  • Ensures all roles are covered with at least one responsible and certified person
  • Saves time, increases efficiency, and reduces errors
  • Simplifies reporting and certification process
  • Creates accountability map on the platform and submits it to regulators
  • Enables firms to comply with the regulatory reporting requirements

If you are interested in finding out more or would like to arrange a demo, get in touch with our experts below.

"Certification is an important mechanism for firms to ensure their critical people are fit and proper. Firms should continue to take reasonable steps to complete any annual certifications of employees that are due to expire".
FCA and PRA statement on SMCR, 2020.

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