Solutions

A dashboard-driven solution to manage your SMCR regulations and demonstrate compliance

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Save Yourself Time With

  • Practical and easy-to-use solution regardless of organisation 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

Simple & Effective SMCR Compliance

Our SMCR platform has been designed to enable you to streamline the activities associated with meeting your SM&CR obligations.

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 Proper 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

Trusted Providers of Leading GRC Solutions

1RS has been built and developed by risk and compliance experts. We understand the need for an integrated and flexible GRC Solution, that can meet any organisations operational risk and compliance framework. Our technology enables you to manage the continually evolving regulatory landscape.

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

FAQs

FAQ's - SMCR Solutions

The Senior Manager and Certification Regime (SM&CR) is mandatory for nearly all FCA regulated firms. SM&CR is designed to improve governance, increase individual accountability, 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 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

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.

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.