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01. Creating Statements of Responsibilities

Important Information: The Statements of Responsibilities  (SoR) dataset pulls information from the Staff Information, Firm Classification and ‘Firm Information’ datasets-make sure that you have comprehensively filled these in for the relevant staff member before you create their SoR.

The statement of responsibilities  is one of the most important aspects of SM&CR. A SoR is a single document that lists and explains all the responsibilities that a Senior Manager (SM) has within a firm. The FCA requires all SMs to have one, and it will consult it heavily when determining whether an SM&CR violation has occurred. It is simple and straightforward to create a SoR in Corterum. Here is how you do it:

  1. Click Workbench and then Entity Database.
  2. Ensure that People is selected from the Entities dropdown, and then click on the Person entity that represents the member of staff for whom you want to create a SoR.
  3. Click ‘Senior Managers Regime’ and then click ‘Statement of Responsibilities
  4. Click on the ‘Plus’ symbol next to the ‘Statement of Responsibilities’ title. The SoR dataset will pop up.
  5. Click on the ‘Name of Individual’ dropdown and then click on the Person entity that represents the member of staff for whom who you want to create the SoR.
  6. Now input all the information required in a SoR.
  7. If you have filled in all the SM’s staff information, the ‘Role Title’ field will be pre-filled. Click the ‘Role Description’ box and comprehensively describe the SM’s role.
  8. Next, click the ‘Key Responsibilities’ box and elaborate on the most significant responsibilities discharged by the SM.
  9. Next, navigate to the ‘Personal identification details’ section.
  10. All the fields in this section should be pre-filled because they pull data from the ‘Staff Information’ dataset. If they are not pre-filled or their contents are inaccurate, you will need to access the ‘Staff Information’ dataset and edit it.
  11. Navigate to ‘Firm Identification Details’. Click the ‘Name of Firm’ dropdown and then select the firm to which you want to associate the SoR.
  12. Many of the ‘Firm Identification’ fields should be pre-filled because they fetch data from the ‘Firm Information’ and ‘Firm Classification’ datasets. If they are not pre-filled or their contents are inaccurate, you will need to edit the ‘Firm Information’ and ‘Firm Classification’ datasets.
  13. The only ‘Firm Identification’ fields that should not be pre-filled are those that relate to the person who the FCA/PRA should contact regarding the SoR you are creating.
  14. To populate these, you need to click on the ‘Contact for FCA/PRA in relation to SoR’ dropdown and then select the Person entity that represent the member of staff  who you want to nominate as the designated FCA/PRA contact.
  15. Once you have done this, the telephone number and Email address of the designated contact will appear as long as their ‘Staff Information’ dataset has been completed.
  16. If these do not appear, you will need to amend the designated contact’s ‘Staff Information’ dataset.

 

The next step is to link  the already-created responsiblities table datasets to the SoR. The first of these is ‘Summary of Responsibilities

To do this:

  • Click on the ‘Link Table’ button located underneath where ‘Summary of Responsibilities’ is written. 

You’ll then need to repeat this process for the following datasets. If you have trouble connecting or creating these datasets – please read this guide:

  • Senior Management Functions’ 
  • Prescribed Responsibilities’. These are the responsibilities that the FCA mandates firms to share amongst their SM’s. 
  • Overall Responsibilities is the term used by the FCA to describe when a SM heads and controls a business function or activity that could cause significant harm to the firm or potentially to the wider financial system.
  • Other Responsibilities (Optional).These are any significant responsibilities held by the SM that are not accounted for in the ‘Summary of Responsibilities’, ‘Prescribed Responsibilities’ or ‘Overall Responsibilities’
    • The FCA mandates that each ‘Other Responsibility’ must be described in 300 words or less.
  • Supplementary information: You must now decide if you want to link to the SoR a table containing supplementary information for the FCA, and you must also consider whether to attach any documents that might benefit the FCA. Only create and include this information and these tables if you strongly consider that the FCA will benefit from them
    • To attach a document, click the button underneath where it reads ‘Documents’ then choose a file to upload and fill in the other boxes.
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