Senior Manager & Certification Regime
The SM & CR regulations have now been rolled out to the next level of FCA regulated entities, and required careful coordination between Compliance, Risk, HR and Legal functions to implement. The requirements for SM&CR are determined by what classification of firm you are.
In addition to creating the Senior Managers Responsibility Map, and Statement of Responsibilities, there are many key tasks that need to be considered ranging from updating of employment contracts and job descriptions, enhancing performance management processes and record keeping, to changes to personal indemnity insurance.
SM & CR compliance may also require changes to the governance frameworks, enhancements to operational risk management and reporting, implementation of conduct risk framework and changes to remuneration.
Do you know if your organisation is caught by SM&CR and if so, to what classification? To find out, take our simple SM&CR test.
We assist and guide the SM&CR implementation process from design to embedding and ensure your organisation, and more importantly, your employees are prepared, trained and compliant.
Core elements required for any SM&CR framework are:
We assist with the development & assurance of the responsibilities map and Statements of Responsibilities, with the employment contracts and changes to job descriptions
We design, build and embed conduct risk frameworks tailored to the needs, and culture of your organisation.
We design and implement effective SM & CR compliant governance frameworks that demonstrate clear accountability and transparency over the underlying business and functions.
Organisations need to ensure remuneration is appropriate and supports the correct culture and behaviours of the employees. We create appropriate risk policies for your organisation.
A robust risk management framework and timely, appropriate reporting is at the core to the Senior Managers ability to effectively and appropriately run their areas of responsibility. We design, implement and embed the right risk management framework tailored for your organisation.