10 Oct Senior Managers Regime – minute taking and record keeping
VoiceNotes offers the solution to meet minute taking and record-keeping requirements of documenting meetings for the Senior Managers Regime, but don’t just take our word for it – we wrote for the FT.
The Senior Managers and Certification Regime (SM&CR) commenced in 2016, and while it largely formalises and defines existing regulatory processes and accountability, individual responsibilities of senior managers became more critical and visible, and after meetings with senior managers, the meeting minutes had to be documented with relevant actions noted; therefore, minute taking and record keeping is an important task that needs to be carried out to meet the regulations.
The shift to individual accountability for senior managers has meant that they should be cognisant of the need to ensure they have full control over their areas of responsibility, and that their individual actions can be evidenced and defensible. Having clear meeting minutes will help provide this evidence and some security for individuals.
Top tips for senior managers on minute taking and record keeping.
Writing up minutes of board and senior manager meetings takes time, but it is necessary for good governance. VoiceNotes provides a simple, secure and cost-effective solution for outsourcing this admin-heavy burden to save time, increase productivity and meet the record-keeping requirements of the Senior Managers Regime.
Who does this role currently and how long does it take?
Minute taking and record keeping is time consuming. You need to either transcribe the full meeting or dictate minutes after the meeting. This role if often carried out by inexperienced support staff and inaccuracies can occur as a result. Trusting a UK-based, secure transcription company can save valuable time and provide a more accurate, dated and time-stamped record for future use.
For multiple attendees, it can take up to 10 times the length of the actual meeting to transcribe a call. Then, at VoiceNotes, we proofread the transcript to make sure there are no errors or inaccuracies. All of our transcripts go through a minimum of two team members to ensure accuracy. So, for example, a board meeting that lasts an hour can take 20 hours to produce an accurate transcript – which is why a lot of companies are outsourcing this task, as it’s more cost effective than transcribing meetings in-house.
For our dedicated service, used by other banks and investment companies for the Senior Managers Regime minutes taking and record keeping, click here. Our most popular service, currently used in the financial sector, involves dictating meeting minutes on our secure lines using any phone. We transcribe and proofread the notes to perfection, then email them back securely. Alternatively, we can transcribe the full meeting.
For more information on note taking for the Senior Managers Regime, please see our FT opinion piece on SM&CR: https://www.ftadviser.com/regulation/2019/05/31/senior-managers-regime-involves-a-lot-of-note-taking/.
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Please get in touch with any questions about our minute taking and record keeping service below, or contact us at firstname.lastname@example.org / 0207 117 0066.