London, 17th July 2018: Brady partners with Trailight to bring to market solutions for Senior Managers and Certification Regime regulatory compliance
Brady and Trailight Compliance Technologies today announced that they have forged a strategic partnership, bringing together a world leader in the Energy and Commodities Trading and Risk Management software solution space with the market leader in the regulatory compliance and governance technology space. With this partnership, Brady has built a new solution called Brady Accountability Compliance, focused on meeting the requirements of the Senior Managers and Certification Regime.
Today, regulations and transparency have become the forerunner to ensuring your business is operating in the best interest of its customers and shareholders. Since the global financial crisis regulators around the world have focused on evidencing straight line accountabilities and responsibilities for the senior managers of firms, including placing a heightened emphasis on understanding the conduct, competence and culture of the organization they run. The PRA and FCA led the way with an industry-wide implementation of SM& CR, launched to deposit takers in 2016, then to dual-regulated firms in 2018 and now to the balance of the regulated marketplace in December 2019. The Financial Stability Board is also calling for a global accountability standard and already Hong Kong, Australia and Singapore have followed suit.
The bedrock of the Accountability regime is a focus on individual sanction. This means that in any investigation Senior Managers have to provide transparency on their accountabilities and responsibilities and show evidence that they have taken ‘Reasonable Steps’ to meet those accountabilities. Critically the regime goes further into mandating Senior Management responsibility for the Fitness, Proprietary, and competence of key staff and requires companywide attestation, understanding and day to day application of minimum standards of conduct.
Key features of the regime include:
- Map of senior manager accountabilities and responsibilities and associated governance (SORs and MRM)
- Statutory duty of responsibility (Reasonable steps)
- Effective controls and oversight of senior manager handovers
- Significant harm function certification and appropriate Fitness & Proprietary checks
- Conduct rules attestation, understanding and breach recording
Brady Accountability Compliance is not only cloud-based it’s also automated, flexible, configurable and designed to be future-proof. Together with Trailight, Brady is able to provide you with the control, intelligence, data and clarity you need to make informed business decisions and the evidence you need to show you’ve taken ‘reasonable steps’ to manage accountability throughout your firm – and comply with the Senior Management Regime, Certification Regime and Conduct rules.
“I’m excited about the opportunity this partnership creates for our customers,” said Libby Koehn, Chief Product Officer, Brady. “Together, Trailight and Brady are empowering customers to manage risk with innovative products and tools that evolve, as business gets more complex. These pioneering solutions help our customers to stay ahead of the curve.”
“Combining our regulatory and technology expertise with Brady’s deep customer understanding and technology expertise is a game changer. 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.” David McNair Scott, CEO, Trailight
NOTES: The platforms are implemented either via Cloud or on-premise in a very short space of time, ensuring that frameworks, data, records and appropriate outcomes are in place quickly so that senior managers and boards can 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.
Brady is a leading provider of software solutions for global energy and commodity trading. We offer a choice of trading and risk management applications designed to help producers, consumers, financial organisations and trading companies manage all of their commodity transactions in an integrated solution – including pre-deal analysis, trade capture, risk management, foreign exchange, credit risk, logistics, cash management, physical operations, back office financials and treasury settlement.
Brady has more than 30 years of expertise in the commodity markets with customers worldwide depending on our software solutions to manage risk and deliver vital business transactions across their global operations. Our expert market knowledge, professionalism and proven problem-solving abilities enable us to understand the challenges our clients face and develop tailored solutions that consistently meet and exceed their needs.
Trailight is a leading software provider that has been dedicated to solving regulatory challenges surrounding accountability and people risk for Financial Services for the last 25 years.
We have built flexible workflow capability within best practice frameworks with the goal of enabling customers to meet the required regulatory outcomes by making accountability, risk mitigation, competence and conduct transparent for both internal and external stakeholders.
For more information visit: www.trailight.co.uk