Welcome to the first in a regular series of blog posts in which we will provide an update about the continuing development of the Corterum SM&CR solution. In our latest updates, we have created the following functionality:
The Conduct rules and my role
We have created a new dataset to help individual members of staff comply with the Conduct Rules. Firms are required to provide tailored Conduct Rules training so that members of staff understand how the Conduct Rules apply specifically to them. The FCA expects to see evidence of this as well as the way in which the Conduct Rules have been embedded at all levels of the firm.
This dataset enables each member of staff to record exactly what the Conduct Rules mean to them within the specific context of their role.
This dataset integrates with Corterum’s workflow functionality. To the extent that a member of staff has indicated ‘reasonable steps’ that he or she could take in order to comply with a particular Conduct Rule and set a deadline for actioning those steps, he/she will receive a reminder 1 month before the deadline.
For more information, take a look at this video:
Delegations
We have created a new dataset called “Delegations” to help Senior Managers comply with Senior Manager Conduct Rule 3 (“You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively”).
The FCA regards any delegation of an authority in circumstances where the Senior Manager did not – BEFORE the event – have reasonable grounds for believing that the delegate had the necessary capacity, competence, knowledge, seniority or skill to deal with the issue as a breach of Senior Manager Conduct Rule 3.
Our new dataset provides Senior Managers with a specific area in which to record the delegations that have been made, how long they remain effective, and the due diligence that was performed before the delegation was made.
The dataset integrates with Corterum’s workflow functionality – reminding the Senior Manager of the imminent expiry or need to review any existing delegations.
For more information, take a look at this video:
Anti-Money Laundering Report
Corterum now integrates directly with our partner Veriphy, a third-party provider of regulatory data.
As part of fit and proper testing, members of staff can now seamlessly procure their own anti-money laundering checks, directly from the Corterum platform.
For more information, please see the video below.
FCA Directory report
Our FCA Directory report can now be produced in .CSV format as well as .XLS format. This allows for upload of changes to FCA Directory data directly to the FCA.
For more information, take a look at this video:
Be a part of the Corterum revolution
It’s an exciting time here at Corterum, and our already brilliant SM&CR compliance solution becomes even better every day. If you’re looking for a solution to help alleviate the administrative burden of SM&CR compliance – why not drop us a line?
