SMCR

SMCR Solutions

Reduce Costs, Manage SMCR Regulations & Streamline Processes

Slide SMCR platform SMCR platform ERIC dashboard

Simple & Effective SMCR Compliance

Are you looking for an SMCR tool to manage your compliance? 1RS has an easy to implement and use solution to help you meet the compliance requirements with the Senior Managers & Certification Regime. Our SMCR platform allows you to streamline the activities, whilst also saving you costs at the same time. Most importantly, our solution is designed to provide you with the confidence that your organisation meets all SM&CR obligations. 

SMCR platform

Save Yourself Time With 1RS SMCR

Practical and Easy to use solution regardless of Organization size or Regulatory Obligations
Preloaded with FCA specified SMF Roles, Prescribed and Certified Responsibilities
Create and manage Responsibility Maps of your Senior Management & Certified Persons
Automate and define your Fit & Proper Assessments with customised Scorecards and Questions

SMCR Core Features

Governance tool

Assign actions and owners from Governance meetings and automate tracking of completion

Fit & Proper Certification

Create and track the completion of Fit and Propes Assessments tailored to your organisation and create certificates

Responsibility Mapping

Create and monitor responsibilities mapping across your organisation to be provided to the FCA

TRUSTED PROVIDERS OF LEADING SMCR SOLUTIONS

1RS is one of the fastest-growing RegTech company in the UK. We have gained this title by dedicating time to developing practical solutions that reap companies’ most benefits. One element that sets us apart from our competitors is that our SMCR compliance tool has been designed to help manage risk and comply with strict regulations. We believe that SM&CR solutions need to simplify your tasks and shouldn’t break the bank. That’s why we offer a cost-effective integrated SMCR solution that can manage the risk and the tasks associated with your organisation’s SM&CR activities. Not to mention, this governance technology is present on your business platform and is available to all relevant Senior Managers and Certified Persons. 

To find out how 1RS solutions change your organisation, contact 1RS & book a demo

 

FAQ's - SMCR Solutions

The Senior Manager Regime and Certification Regime (SM&CR) is mandatory for nearly all FCA regulated firms by the end of 2019. SM&CR is designed to improve governance, increase individual accountability, and hold individuals to account in the event of a breach in regulations or failure to comply with the required standards of conduct. SM&CR obligations are determined by the classification of the firm- Enhanced, Core, Limited scope.
Rules of conduct are meant to display a basic guideline for accountability. The roles and responsibilities of SMCR compliance include the following:

- A Senior Manager must demonstrate they have taken reasonable steps to control the business effectively and to prevent breaches in the regulations or required standards

- Criminal liability for reckless misconduct that leads the financial institution to fail

- The regulator can take disciplinary action against an individual Senior Manager for 6 years post an event occurring

In recent years, multiple management firms were responsible for misconduct, including scandals among individual employees. The FCA decided to make necessary changes with their regulatory conduct to protect consumers, but also strengthen the market integrity.
Both the FCA and PRA can take action against a Senior Manager if they are responsible for the management of an area that breaches a regulatory requirement and does not take the steps that they could reasonably be expected to take to prevent the breach. There is no threshold limit for enforcement action under the duty of responsibility. Disciplinary action can be taken against a Senior Manager for a breach or failure identified within their area of responsibility, for which they have not taken reasonable steps to prevent, for up to 6 years after the event has occurred.
1.Ensure you have an Appropriate & Effective Governance Framework for compliance to the SM&CR which should include the following:
- Statement of Responsibility and Responsibilities Map - Individual Statements of Responsibility for all Senior Managers, setting out the areas of the firm for which they are responsible. And a Responsibilities map, setting out the governance and management arrangements, and allocation of responsibilities to the Senior Managers.
- Governance Infrastructure - The effectiveness, robustness and integrity of the governance infrastructure of a firm is core to Senior Management compliance. An appropriate governance infrastructure should ensure a Senior Manager can demonstrate:
- Oversight of the areas for which they are responsible, and any areas of delegation
- Understanding of emerging and current risks and issues, and have taken the appropriate steps to manage
Their rationale for any decision making (including strategic decisions), and adequate consideration has been given to any impact on the customer
A culture of openness, discussion and effective challenge.

Fit and Proper annual certification - Each firm must ensure that all Senior Managers are pre-approved by the regulator. In addition, the firm must perform an annual fit and proper assessment and certification of those individuals designated as material risk takers, those performing a significant harm function, and those supervising certified persons.

1RS provides experienced guidance and support in implementing solutions to this challenging regulation, including the appropriate and effective responsibility model and governance framework.

2. Robust Risk & Control Environment - A robust and effective Operational Risk & Compliance framework is the bedrock on which Senior Managers can base reliance for their governance and oversight of business operations, compliance to business policies, procedures and regulatory requirements, and accuracy of risk/issue and other management reporting used for governance and decision making.
ERIC, our integrated GRC links risks, controls, rules, tests, issues and events and automates your process, risk and control self-assessments, and all Risk & Compliance reporting.

3. Culture & Training - All staff are required to comply with conduct rules regarding duty of care towards the customers, and fair and transparent operation of financial markets. Training on these standards of conduct for all staff is essential. Disciplinary action can be taken by the regulator against any individual who does not comply with the rules.
Senior Managers are required to comply with an additional subset of conduct rules. The regulator can take disciplinary action against a Senior Manager:
- In breach of the conduct rules;
- In breach of the duty of responsibility;
- Knowingly involved in a firm’s breach of regulatory requirements.