Digitising SMCR Compliance

Posted by

Vivek Dodd

on 21 Sep 2022

SMCR compliance consumes valuable management time and yet may still leave you exposed to breach risks. But there is a proven effective digital solution.

Digitising SMCR Compliance

How SMCR creates an administrative burden

The FCA's Senior Managers and Certification Regime (SMCR) demands greater personal accountability, especially from Senior Managers, and a minimum standard of conduct from all employees. It is a total compliance regime that has led to numerous workflows.

These include allocating responsibilities to Senior Managers, conducting Fit and Proper checks, certifying all Certified Persons, taking Reasonable Steps, creating Handover Notes, and keeping scores of records of all these actions as well as training, policy attestations, breaches and committee composition.

The administration of all these workflows is complex and weighs heavily on staff time. It requires dozens of submissions, checks and registers that can drain management time. Digitising SMCR compliance is not only convenient but vital.

Kentro Capital Case Study (PDF)

Challenges of SMCR compliance

Most financial firms use a mix of documents and spreadsheets alongside a legacy record system to manage their SMCR workflows.

This approach leads to many challenges:

  • Senior managers and certified persons need to be chased to complete their submissions.
  • Senior managers find it difficult to delegate time-consuming tasks to junior staff.
  • Records lie in several different places - online and offline - with no way of getting a complete picture of any individual.
  • Lack of transparency throughout the whole process.
  • Risk of data inconsistencies, missed deadlines and potential errors in tracking and reporting.

Meeting SMCR Expectations Webinar

SMCR 360 provides an integrated digital solution

SCMR 360 is a comprehensive, integrated, digital SMCR compliance solution.

It enables clients to digitise, streamline and integrate their SMCR workflows on one portal to improve data accuracy and time efficiencies whilst minimising risk.

The suite of online tools it provides helps to streamline the approval of senior managers and annual certification of material risk takers. Automating chase-ups and record keeping to aid FCA submissions and internal audits.

Dashboards combine the records from various submissions, training, policy attestation, and registers to give a complete view of each employee's compliance status.

Finally, it provides alerts, flagging potential non-compliance issues.

Feedback from Allenby Capital

SMCR 360 has helped us to automate processes, reduce paperwork in the form of spreadsheets, and mitigate the risk of technical breaches of SMCR by ensuring records are accurate and up-to-date. It has ensured confidence within compliance teams that Allenby was meeting their responsibilities and created efficiencies.

- Nick Naylor, CEO, Allenby Capital

Want to learn more about SMCR Compliance?

We have created an SMCR roadmap to help you navigate the compliance landscape, supported by a comprehensive library of SMCR Courses and a fully integrated SMCR 360 Compliance Toolkit.

We also have over 100 free compliance training aids, including assessments, best practice guides, checklists, desk aids, eBooks, games, posters, training presentations and even e-learning modules!

Finally, the SkillcastConnect community provides a unique opportunity to network with other compliance professionals in a vendor-free environment, priority access to our free online learning portal and other exclusive benefits.

Free SMCR Implementation Best Practice Guide

FCA regulated firms have an obligation to ensure that all Senior Managers have taken reasonable steps to prevent regulatory breaches in their areas of responsibility.

Our free guide will help you follow best practices when implementing your SMCR programme.

Download your free training aid