The December 9th deadline for SMCR is fast approaching and firms are focused on putting all the necessary legal and HR documentation in place for that date.
December 9th is Day 1 for Senior Management under the new regulations, so what happens on Day 2?
This is where the real work begins. The key challenges for Day 2 for all organisations will be:
– How as a senior Manager can you demonstrate you have taken all reasonable steps to control the business effectively on an ongoing basis?
– How as the Senior Manager or even more so, the SMF4 can you be assured that breaches to regulations are appropriately prevented within the business on an ongoing basis?
– How do you ensure that the appropriate culture is in place and embedded within the business operations, and employee’s performance of their role on an ongoing basis?
Day 2 and onwards is going to be particularly difficult for any organisation which does not have a clear view and understanding of all the potential risks of regulatory breaches that exist within their business processes, the controls they have in place to mitigate, and whether those controls are effective. This includes all processes, including those that are outsourced to third parties.
A robust Governance Framework sitting over the risk and compliance management of the processes within the organisation is essential to both enable and demonstrate that Senior Management are fulfilling their responsibilities under SM&CR.
Who is ready for DAY 2?
To find out more, contact hello@1rs.io
Blog
5 Ways Technology Can Help with SMCR Compliance
One of the biggest changes to FCA regulation in recent years was the need to…
How To Embrace Technology but Keep Your Humanity – Implementing A RegTech Solution
Today, the majority of our business and personal lives are dominated by our…
What are the Cost Benefits of Investing in a GRC System?
More and more organisations are currently seeking out technology-enabled GRC…
Are you ready for Consumer Duty?
With eyes firmly on the calendar for the new Consumer Duty Regulations coming…
What is CASS and who does it apply to?
If a financial services provider holds or controls client money or assets, then…
Has the Motor Finance Industry had its head in the sand?
Ever since the FCA launched a review into Motor Finance and published their…
5 Steps to Improve Your Customer Due Diligence
Last month we looked at third party due diligence and how technology can…
Guide to Operational Resilience
It’s the Monday morning you don’t want. Social media is buzzing because a…
5 Steps To Improve Your Third-Party Due Diligence
All companies use third parties as an essential component in the running of…
Regulation of Buy-Now Pay-Later is Coming
Alice wants a new laptop computer, but it will take her a few months to save…
We won! Fintech Awards 2023- 1RS voted Best Risk Management & Compliance Software Solutions
We are thrilled to announce that Wealth & Finance International have…