SM&CR – Are you prepared?

The extension of the Senior Managers and Certification Regime (SM&CR) to all FCA regulated firms is a major overhaul in the way that firms are expected to meet their regulatory requirements and represents a long-held ambition to ensure that all regulated firms meet their obligations in a comprehensive and meaningful way. There are two connected parts to the regime: the Senior Managers Regime and the Certification Regime.

The Senior Managers Regime requires regulated firms to be at the top of their game with senior managers being able to demonstrate that they comply with their regulatory responsibilities at all times.

An integral part of meeting regulatory obligations is the effective delegation of key roles and ensuring that those delegated responsibilities are properly documented and handled by persons who are competent to do so. That in part is what the Certification Regime seeks to achieve i.e.: Control - Evidence - Governance

 

Full SM&CR support for your Firm

CCL can help your Firm fully prepare for the SM&CR in the following ways:

  • Business plan – helping you review and draft your up to date regulatory business plan
  • Risk Map – incorporating the risks identified in your business plan
  • Responsibilities Map – a PRA/FCA requirement that CCL has helped to draft for many regulated firms
  • Corporate Governance procedures – bringing them up to date with regulators’ expectations
  • Defining the responsibilities – to give to delegated personnel, facilitating staff changes
  • Training senior managers and relevant staff in their responsibilities, and documenting the journey to attainment
  • Certifying relevant staff
  • Controlling and recording attestations from all relevant personnel

In addition to these consultancy services, CCL has developed the CCL C.O.R.E system, which is a full compliance system designed not only to host compliance documentation and monitoring activity, but to both control and evidence compliance actions.

Users of CCL C.O.R.E can demonstrate to the regulator their preparedness on a real-time basis and, most importantly, at any point in the past. Once in place, CCL C.O.R.E evidences the systems and controls prevailing at any given time; progress of actions taken and steps taken to monitor compliance activities. This powerful tool gives senior managers the information required to ensure that they fulfil their responsibilities effectively.

CCL can build your information into CCL C.O.R.E, enabling Senior Managers to:

  • Maintain day-to-day control as required by the Regime
  • Streamline reporting by bring relevant information into dashboards
  • Keep documentation up to date
  • Keep staff informed
  • Handle changes of personnel or business on a real-time basis
  • Save time and effort in maintaining routine controls

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.