CHALLENGES

Many firms are facing the challenge of reviewing their T&C arrangements and monitoring to ensure they meet with FCA approval. This may vary considerably from firm to firm depending on the size and shape of your organisation but with the Senior Managers Regime, Certification Regime and Conduct Rules set to impact all firms by 2018, many are seeing this as the perfect time to replace/configure/enhance their systems.

SOLUTIONS

Worksmart & the Individual Accountability Regime

The demands of the Senior Managers and Certification Regimes (SMR & CR) mean that it is crucial for banks to put in place the correct document management and information infrastructure.

Worksmart’s IAR solution helps banks who are:

  • struggling to create accurate statements of responsibilities for each SMF role
  • needing support to align management information to legal entity structures
  • lacking the skills, manpower or infrastructure to record the regime requirements
  • concerned they might have mistakenly missed information or recorded it inappropriately
  • anticipating struggling to maintain the accurate documentation required by the regulator
  • concerned about becoming overburdened by the document maintenance and management due to the increased volume of documentation required
  • worried they may encounter problems with information spread across a large number of systems

Cost-effective and focused on compliance, Worksmart’s intuitive software solution cuts through the complexities of the requirements; helping banks to get ahead of SMR & CR.

Benefits

  • alerts you immediately whenever there is a significant change or breach across your organisation
  • leaves no gaps in either your responsibilities map or statements
  • provides evidence to the regulator of how your organisation’s management and governance arrangements fit together
  • alerts all stakeholders in real time of when you must update and submit statements of responsibilities
  • alerts you whenever there is a significant change either to individuals or their responsibilities
  • automates functions, including the generation of journal entries and financial statement disclosure reports
  • provides real time MI, allowing Senior Management to have a complete and transparent view of conduct risk across the entire organisation

Allows you to:

  • understand and apportion responsibilities across an organisation of any size
  • accurately and appropriately manage information
  • create and manage new documentation and information requirements

 


T&C

Worksmart’s training and competence system is a fully automated workflow package that enables you to manage the underlying regulated activity by linking all parts of your business together whilst creating evidence of your organisation’s working culture. Implementation of the software will ensure you reduce the risks that are inherent with paper based or non-specific solutions, allowing you to consistently deliver more but with less effort and without placing additional risk on your organisation. Worksmart T&C ensures you can maintain records for your organisation’s training and development. You can specify rules within the software, prior to installation, to ensure TCF best practice is sustained, providing managers with the ability to clearly and easily task colleagues, follow through on all actions and demonstrate compliant activity. The top down oversight, combined with ground up clarity, will help you turn your regulatory cost into superior business intelligence, facilitating your business differentiation and improving your effectiveness and efficiency.

Being able to consistently demonstrate control of your T&C scheme and evidence superior TCF behaviour will ultimately lower your risk of being fined by the FCA. Additionally, it will improve and empower your organisation’s T&C Management Team with an intelligent management information system which will prove invaluable to your business.

Benefits

  • Integrates seamlessly with 3rd party Point of Sale & HR software
  • Presents a complete history of individuals’ performance
  • Reduces cost, mitigates risk and improves productivity
  • Implements your business rules consistently across your organisation
  • Allows for flexible form design including branding
  • Provides full transparency and management facility to drill into individual activities
  • Provides integrated email and letter generation
  • Displays real-time Management Information at the touch of a button

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