De-mystifying SYSC - a practical Introduction

Background & Objectives

SYSC (Senior Management Arrangements, Systems and Controls) is probably the second most terrifying rulebook in the FCA Handbook. The regulator assumes (often correctly) that when something goes wrong within a firm, it is the business’ systems and controls that have failed. Firms can cower in front of this intimidating rulebook or they can “get to grips” with it. We prefer the second. 

This focused course breaks down SYSC into manageable topics to replace fear with a foundation of knowledge and understanding,

Specifically, particiapting will help you achieve 3 key aims:

1. Identify the key systems and risk management issues within your business
   
   
2. Gain confidence in dealing with SYSC challengers and make risk management and systems and controls a less intimidating subject for all relevant staff members
   
   
3. Improve your understanding of the regulator's expectations, approach and priorities . . . and your relationship with the FCA

Who will benefit?

This practical session will be of value to Risk managers, Compliance, Internal Audit and Senior Management in all dual or solo regulated firms.

Course Agenda

Topics covered may include but are not limited to:

Introduction to SYSC

• The role of SYSC within the FCA rulebook
• Relationship to the Senior Management Regime 
• Where does it fit in with the Consumer Duty and Product Governance
• Which rules apply to which firms?

Apportionment of responsibilities

• Senior management regime
• Responsibilities maps
• Delegation of tasks
• Competence of employees

Key risk management jobs

• Role and duties generally of compliance
• Financial crime, money laundering
• Risk control and management – theory and practice
• Audit
• Managing group risk
• Liquidity management
• Communicating with the FCA

Important tasks

• Managing conflicts of interest
• Outsourcing – generally and as distinguished from joint ventures
• Record-keeping
• Whistleblowing
• Regulatory References
• Learning from problems and root cause analysis