Podcast – SMCR readiness and how technology can help implementation

This podcast was originally published by IBS Intelligence. By Saeed Patel.

To simply implement this new regime, using current toolsets, poses a risk to firms falling short to the requirements of the SM&CR regime, Saeed Patel of KRM22 says. In this podcast, Patel discusses the Senior Managers and Certification Regime (SM&CR or SMCR) with IBS Intelligence Reporter Sunniva Kolostyak.

The UK regime, which is being extended to almost 50,000 organisations, will come into effect on 9 December, and Patel suggests affected companies should go through the following checklist for compliance:

SMCR checklist ahead of the 9 December deadline

• Define your firm type: limited scope, core, enhanced

• Brief board-level and other senior executives likely to be subjected to SMCR

• Create implementation plan including activities, timelines, resourcing requirements, dependencies and available technology solutions

• Identify which senior managers will have prescribed responsibilities and prepare responsibility statements

• Identify individuals performing certified functions who will require certification by the firm

• Ensure employment contracts, management structures and job specifications reflect current responsibilities

• Notify the FCA of any changes to certified individuals with prescribed responsibilities and submit senior manager’s FCA applications for approval

• Update internal appraisal and recruitment processes to include Fit and Proper assessments and appropriate background checks

• Ensure handbook policy and procedures comply with regulations

• Raise company SMCR awareness through training and company-wide roll out