What is a Responsibilities Map?
There are numerous mandatory requirements in the FCA’s Senior Managers & Certification Regime (SMCR). Whilst the FCA provide a free template for completing the Statement of Responsibility (SoR), enhanced firms also need a Management Responsibilities Map to support the individual Statements of Responsibility (SoR).
The Responsibilities Map template should consist of an overview of how an organisation is managed and governed. This should be accompanied by details of the firms structure, reporting lines and the allocation of SMF and prescribed responsibilities.
The FCA have published the main SMCR requirements for the Management Responsibilities Map template in section SYSC 25 of the FCA handbook. As a general rule, when drafting a Management Responsibilities Map template, firms should seek to cover: –
- Group, Management & Governance Structures
- Boards & Committees Summary
- Reporting Lines & Lines of Responsibility
- Senior Management Function Allocations
- Prescribed & Overall Responsibilities
- Individuals Included on the Responsibilities Map
- Matters Reserved for the Board
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What to Include on a Management Responsibilities Map
Firms with SMCR obligations are required to maintain a comprehensive and accurate document which accurately describes the SMCR management and governance arrangements. As a starting point, the management responsibilities map should include (but is not limited to): –
- Details of reporting lines
- Lines of responsibility
- Approved persons (including PRA approved persons)
- Members of the governing/management body who are not approved persons
- Details of senior management & senior personnel
- What responsibilities are held by who
- All responsibilities described in any current statement of responsibilities
SMCR Management Responsibilities Map Template
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