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ARTICLE · 18 JULY 2014

Responsible Manager (RM) health check: 5 quick questions

Holley Nethercote
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This article has five tips to determine the quality of the current RMs to oversee the provision of financial services.

AustraliaFinance and Banking
David Court
David Court
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5 quick questions:

  1. Has your business grown since the Responsible Manager (RM) resources were last reviewed?

You'd be surprised at the number of businesses that are not aware of who their RMs are. Resourcing, including organisational competence needs to respond to business growth and development.

Tip: review your compliance resources to determine whether the current RMs are able to adequately oversee the provision of financial services, given the current size of the business.

  1. Is your RM your CEO (or Senior Executive)?

We see many businesses where the CEO/Managing Director is the RM. Whilst this may be appropriate for a small-scale advisory business, in larger businesses, ASIC implies that the RM position is more suited to middle-management.

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