What is the Senior Manager’s Regime?
As a senior manager, you now have increased responsibilities for transaction reporting but also many other areas of your business under the Senior Managers Regime (SMR). You are personally liable if there are material breaches in your firm’s reporting and there is evidence you have not fulfilled your duties in relation to controls, compliance with regulatory standards, delegation or regulatory disclosure.
Blog: “If the history of transaction reporting since 2007 is used as a reference point, then those senior managers who have responsibility for reporting are carrying significant risk.” Read our blog on the Senior Manager’s Regime and what it means for transaction reporting.
What challenges do you face?
When you’re juggling so many responsibilities, it is difficult to have clear or definitive sight of the quality of the regulatory reporting you are now liable for. It can be challenging to put the right issue management and escalation policies in place to provide you with the transparency you need to be compliant with obligations.
How Kaizen can help
We can provide you with peace of mind that you are meeting regulatory expectations and have full visibility of the quality of your transaction reporting.
The results of our advanced reconciliation and quality assurance testing of your transactions and reference data, are presented at the right level of detail within bespoke management information packs for use at governance forums. The management information informs how accurate and complete your current reporting is, and importantly, track and evidence its improvement over time.
Contact us to find out how to put the proper controls in place to ensure you are compliant with the Senior Managers Regime.