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. To create SORs, you:
Click WORKBENCH and then DATASETS.
Select SM&CR.
Select Senior Managers Regime.
Select Statement of Responsibilities.
Click the PLUS symbol.
The SoR dataset will pop up.
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.
Now input all the information required in a SoR.
If you have followed our quick-start guide, the ‘Role Title’ field will be pre-filled. Click the ‘Role Description’ box and comprehensively describe the SM’s role.
Next, click the ‘Key Responsibilities’ box and elaborate on the most significant responsibilities discharged by the SM.
Next, navigate to the ‘Personal identification details’ section.
If you have followed our quick-start guide, all the fields in this section should be pre-filled because they kink to the information provided when you created the ENTITY. If they are not pre-filled or their contents are inaccurate, you will need to edit the data - see here for more information.
Navigate to ‘Firm Identification Details’. Click the ‘Name of Firm’ dropdown and then select the firm to which you want to associate the SoR.
Many of the ‘Firm Identification’ fields should be pre-filled because they fetch data from the Business ENTITY you created for your company. If they are not pre-filled or their contents are inaccurate, you will need to edit the ‘Firm Information’ and ‘Firm Classification’ datasets - see here for a guide.
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.
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.
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.
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 responsibilities table datasets (which was populated when you created the staff member) 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 the data is missing or inaccurate - see this guide for how to amend.
‘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.
Click SAVE, and then CLOSE.