Skip to main content

Management Responsibilities map (Enhanced firms only)

For enhanced firms, this is where you complete the map of responsibilities for your firm as required by the FCA.

Corterum Team avatar
Written by Corterum Team
Updated over 3 years ago

Introduction

For Enhanced Firms, The FCA requires you to complete a map of Management Responsibilities, providing a close look at the structure of the firm, its board and functions. To do this:

The process

  1. Click WORKBENCH and then DATASETS.

  2. Click SM&CR and then SENIOR MANAGERS REGIME.

  3. Click Management Responsibilities Map (Enhanced firms only).

  4. Click the circular Plus symbol to the right of the dataset title.

  5. The Management Responsibilities Map dataset will open up.

  6. Click the Firm Name box and then click on the firm that you want to create a map for.

  7. Navigate to the Business activities box and describe the businesses activities.

  8. If your organisation is part of a group, outline the structure of the group in Group structure overview.

  9. In Governance structure, outline the various committees within the firm and how they control decision making processes.

  10. In UK Business functions, summarise the products and services offered by the firm in the UK, reflecting the areas of Overall Responsibility.

  11. In Non-financial activities and support functions, from the dropdown tick all additional functions that apply.

  12. In the text box below that dropdown, outline any non-financial and support committees - their purpose and their role.

  13. In the Boards and committees section, give an overview of the committees, trying to answer the question 'how is this firm governed?'.

  14. Click on the 'Link Table' button to link the Boards and Committees that you have already set up - if you haven't already done this - see our guide here.

  15. In the Senior manager responsibilities section, give an overview of the senior management, trying to answer the question 'Who is responsible for strategic decisions?'.

  16. Click on the 'Link Table' button to link to the list of Senior Manager Functions that you have already set up as part of creating your staff.

  17. If your firm is part of a group of companies, and one of your staff has influence over the entire group, select their name(s) from the dropdown list, and then explain their influence in the free text block below.

  18. For Matters reserved for the board, include committee terms of reference.

  19. Change control fill in version numbers, dates, authors (dropdown form list of Corterum ENTITIES) and details of version changes for best practice.

  20. Click SAVE and then CLOSE.

Did this answer your question?