This eLearning course provides comprehensive training on management review controls, which are a critical component of an organisation's governance and compliance framework. Management review controls are the processes by which senior management reviews and challenges the activities and decisions within their areas of responsibility, ensuring that risks are properly managed, policies are followed, and the organisation operates within its regulatory obligations.
The course begins by explaining what management review controls are and why they matter. It covers the different types of review controls, including periodic reviews of management information, approval processes for significant transactions and decisions, and the challenge and scrutiny that management should apply to the information presented to them. The training explains how management review controls fit within the broader framework of internal controls and governance.
The training addresses the design and implementation of effective management review controls, including the importance of clear escalation procedures, the documentation of review activities, and the need for management to demonstrate that they have genuinely challenged the information presented rather than simply rubber-stamping decisions. It covers the common weaknesses in management review controls, including reliance on incomplete information, failure to ask probing questions, and inadequate follow-up on identified issues.
The course also addresses the regulatory expectations around management review, including the FCA's expectations under the Senior Managers and Certification Regime (SM&CR) and the principle that senior management are accountable for the activities within their areas of responsibility. Upon completion, learners will understand the importance of management review controls and be able to implement and maintain effective review processes within their organisation.
