Accountability is quickly becoming a top-of-mind issue for financial organizations in Australia and EMEA. Regulations like SMCR (Senior Managers and Certification Regime) in EMEA and FAR (Financial Accountability Regime) in Australia provide a governance process designed to reduce harm to consumers and strengthen market integrity by assuring organizations hold individuals accountable for their conduct and competence.

With SMCR and FAR, regulated firms are required to identify senior managers, executives, and key employees. The organization must allocate responsibilities to these individuals, draw together responsibility maps, and ensure that the individuals are fit and proper for their roles. The organization must also meet conduct and certification rules established by the regulator.

Archer Individual Accountability Management