New Cloud-Based Software Platform Automates the Management Processes Required to Ensure Comprehensive Regulatory Compliance for the FCA Senior Managers and Certification Regime
London, 18th September 2018: Brady, a leading global provider of trading, risk management and settlement solutions to the energy and commodities sectors, today launched a new cloud-based compliance software solution. Brady Accountability Compliance will support global commodity and energy organisations in managing risk across their organisations by automating the processes required to ensure compliance with the requirements of the FCA Senior Managers Regime, Certification Regime and Conduct Rules (SM&CR).
Libby Koehn, Chief Product Officer of Brady, commented: “The demands of the SM&CR requires companies to provide even more transparency across their organisations on their individual accountabilities and responsibilities, including providing documented evidence that they have taken reasonable steps to meet their regulatory obligations. This is placing mounting pressure on senior managers who currently struggle to meet the regulatory requirements via mostly manual and disjointed solutions. Without the correct tools to manage the reporting requirements senior managers could end up exposing themselves and their company to risks from non-compliance. Brady has partnered with Trailight, a pioneering expert in solving these complex compliance documentations and reporting challenges, and we’re excited to be working with them to offer a solution specifically tailored to the needs of the energy and commodity sector.”
Brady Accountability Compliance enables organisations to:
Manage the key aspects of the SM&CR:
- Gain a central repository for all SM&CR records
- Document and manage Statements of Responsibilities (SoR)
- Generate Management Responsibilities Map (MRM)
- Set up and manage handover processes for changes in roles and responsibilities
- Automate approvals and sign-off management process
- Provide a full audit of all changes, decisions and approvals
- Achieve full transparency on firm and individual accountability for regime compliance, decision making and reasonable steps
Provide full control over necessary compliance checks to certify that key staff members are “fit and proper” to perform their role:
- Identify roles to significant harm functions within the group and its entities
- Map those roles to people within the organisation
- Assess fitness and propriety
- Create, sign off and issue of appropriate certificates
- Manage ongoing compliance due to annual regime and change management requirements
Understand and comply with Tier 1 conduct rules:
- Identification of the staff covered by the Conduct Rules
- Record and manage conduct rules and training
- Manage breach and breach reporting to the regulator
Brady’s Accountability Compliance software can be implemented either as either a Cloud hosted or on-premise solution in a very short space of time, ensuring that frameworks, data, records and appropriate outcomes are quickly in place. This allows senior managers and boards to deliver on their responsibilities and provide evidence that they have taken reasonable steps to comply with regulation, minimise consumer detriment and achieve positive outcomes for their firms.
David McNair Scott, CEO, Trailight, concluded: “Combining our regulatory and technology expertise with Brady’s deep trading domain understanding and technology expertise is a game changer for the energy and commodities sector. Accountability, culture and competence is the focus of the global regulatory bodies and this move, connected to Brady’s expertise and market access will allow us to serve the wider community.”
Brady is the largest European-headquartered provider of trading and risk management software to the global commodity and energy markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined and unrefined metals, scrap and secondary metals, soft commodities and agricultural products.
Brady has 30 years’ expertise in the commodity markets with over 400 customers worldwide, who depend on Brady’s software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world’s largest financial institutions, trading companies, miners, refiners, scrap processors, recyclers and producers, tier one banks, and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members and many leading European energy generators, traders and consumers.
For further information, visit: www.bradytechnologies.com
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