The proposed extension of the Senior Managers & Certification Regime to all FCA regulated firms’ aims to reduce harm to consumers and strengthen market integrity. The SM&CR is a key part of the FCAs Business plan to instil the correct culture and governance. The ‘tone from the top’, the effectiveness of management and governance contribute towards the overall culture of a firm.
The FCA want all firms to develop a ‘culture of accountability’ at all levels, and for senior individuals to be fully accountable for defined business activities and material risks. Firms’ senior managers have a crucial role in demonstrating that they are accountable and responsible for their part in delivering effective governance. This includes taking personal responsibility and being accountable for their decisions and exercising rigorous oversight of the business areas they lead.
To help achieve the individual and senior management conduct rules that are a part of the SM&CR, Arctick provides a configurable framework for a firm to implement effective processes to identify, manage, monitor and report the risks, controls and actions within your firm.
Created by governance, risk and compliance professionals, Arctick provides an intuitive, accessible platform to capture, manage and monitor risks, and their subsequent actions. Collaborative reporting allows for analysis and intelligence on all risk aspects within a firm which helps to identify trends and encourages participation and feedback from all users.
Arctick has been built with flexibility and customisation in mind to help firms adapt to the ever changing world of risk management and regulation. Arctick’s real-time performance reporting allows for instant and accurate insight into failing controls allowing for proactive decision making to help prevent serious incidents.
Ultimately, Arctick provides a firm with the tools and information they need to instil the correct and appropriate culture change for effective risk and governance and to demonstrate compliance to regulators through managed and monitored risks and controls.
Arctick is configured around a standardised organisational structure, which allows for recording and reporting on multiple levels. Operational modules enable organisations to minimise the impact and losses resulting from inadequate or failed internal processes, people, or systems, or from external events.
Our intuitive and easy to use system allows identified risks to be quickly and consistently recorded. With pre-set workflows, risks can be allocated and mapped. Our live incident dashboard provides a snapshot of risks across the company.
Our fully automated task allocation system helps ensure best practice behaviour and ultimately drives down the impact and likelihood of your key risks. Additionally, our Controls module supports evidence uploads, commentary and delegation to provide a 360 degree view of risk.
By drawing data from across the system, our integrated GRC solution can help accurately predict the time, cost and financial impact of an incident.