Enhanced firms must ensure that a Senior Manager has ‘overall responsibility’ for every activity, business area and management function of the firm. This is to make sure that there is a clear allocation of responsibilities for the entire firm.
The individual with overall responsibility does not need to have day-to-day management control of the particular function. However, that person does need to have sufficient authority over the function as he/she will have primary responsibility for briefing the board about the particular area for which ‘overall responsibility’ has been allocated.
‘Overall responsibilities’ cannot be divided. However, where appropriate, they can be shared.
