Senior Conduct Rule 3 requires all Senior Managers to take reasonable steps to ensure that any delegation of responsibilities is to an appropriate person and that they oversee the discharge of their responsibility effectively.
Senior Managers must satisfy themselves that any delegate has the necessary capacity, competence, knowledge, seniority and skill to manage an issue BEFORE that issue is delegated to the individual concerned.
Maintaining a record of delegations is critical – not only for Senior Managers but for the firm’s understanding of its allocation of responsibilities.
Corterum enables all Senior Managers to record details of the delegations they have made. It provides the audit trail and centralised evidential proof necessary for both Senior Managers and the firm to discharge the obligations to which they are subject, saving time, increasing transparency and reducing risk.
To add new delegations information in Corterum, follow this process:
To get started, click on WORKBENCH, then DATASETS.
Click SM&CR, then SENIOR MANAGERS REGIME
To add a new row of delegations information to an Entity, select the name of the Entity to whom it will be assigned.
Then, click EDIT and ADD ROW.
Begin by setting the Date.
Set the Status of the delegation.
Set which Responsibilities have been delegated.
Set the Delegator and Delegatee(s).
Select the Nature of the Delegation.
Enter the relevant Delegation rationale.
Set the Effective date, Expiry date and Renewal date.
Optionally, you can set the Revocation date, add Comments and add Documents.