How does your SM&CR
compliance solution
stack up?

Solvassure helps firms meet the accountability regulations introduced by
the FCA and PRA by delivering 10 clear objectives.

If you are unsure whether your organisation’s compliance arrangements are fit for purpose, please fill in the checklist below.

Just add your email address at the end and we will send you a commentary for each response along with your score.

Good luck!

1) Does your organisation map the latest published regulations for the senior managers’ regime, certification regime and conduct rules into traceable business requirements and actionable instructions for an auditable implementation of the regulations?
2) Does your organisation agree, assign and record acceptance by relevant personnel for all senior management functions; prescribed senior management responsibilities; non-executive director roles; significant influence functions; certification functions and management groups along with any subsequent changes?
3) Does your organisation produce statements of responsibilities and a management responsibilities map setting out in a single document the firm's management structure and governance arrangements with snapshots capturing any historical changes?
4) Does your organisation generate handover certificates for temporary or permanent replacements to ensure the incoming individual has all the information and material necessary to perform their duties including any on-boarding activities and outstanding regulatory issues?
5) Does your organisation annually certify as fit and proper every employee responsible for a certification function with supporting evidence for honesty, integrity and reputation; competence and capability; financial soundness along with employer and regulatory references?
6) Does your organisation monitor adherence to conduct rules for both senior managers and relevant individuals ensuring that breaches relating to senior managers are reported to the regulator within seven days?
7) Does your organisation track and monitor “reasonable steps” to prove that senior managers have their arms around low level operational activities and regulatory requirements with documented historical evidence?
8) Does your organisation link to internal and external systems to monitor appropriate data including training records, appraisal details, regulatory agency updates and keep track of ancillary elements including employment contracts and procedures, employee access to relevant documents, legal representation at meetings, handling of reference requests, disciplinary action, liability insurance, directors and officers insurance?
9) Does your organisation implement common compliance standards and processes in an auditable framework with quarterly reviews and providing timely and accurate management information to accountable executives allowing them to identify who owns prioritised issues and any follow up actions?
10) Does your organisation deliver a communication programme that not only distributes targeted instructions, but also provides supporting information about the wider regulatory programme to embed understanding and cultural change whilst promoting individual ownership and accountability?