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Challenge

The Senior Managers and Certification Regime (SMCR) presents some unique challenges to any financial services organisation, with the Financial Conduct Authority (FCA) seeking to ensure, through its upcoming regulation, that organisations within the sector are focused on protecting consumers’ interests.

When tackling Senior Managers and Certification Regime, there are a number of challenges to consider:

  • How do you know to what level you need to comply with SMCR?
  • How do you embed a SMCR workflow into your governance frameworks and HR processes?
  • How do you record and ensure that staff, at all levels, clearly understand where responsibility lies?
  • How can you demonstrate to the FCA that your staff and hiring processes, are aligned with the SMCR?

Solution

SureCloud’s Senior Managers and Certification Regime (SMCR) software enables you to easily embed best practice, process, and workflow into your wider Governance frameworks as well as your HR processes. The SMCR software helps you to understand how the regime may impact your business and how it might apply to your organisation: are you Limited Scope, Core Scope or Enhanced, the answer to which drives all downstream activity?

Once your scope has been established, SureCloud’s SMCR platform helps to build a centralized register of your roles and responsibilities, the employees that hold them, and how these roles map to functions defined within the regime. The software can then be embedded into your HR and Governance frameworks to ensure individuals are appropriately vetted and certified depending on their responsibilities, with much of the workflow being fully automated.

Finally, SureCloud helps to consolidate and report on your SMCR overall status to demonstrate compliance, via powerful dashboards.

Key Benefits of SureCloud’s SMCR software:

  • Understand how SMCR applies to your organisation
  • Create a centralised register of your roles and responsibilities, employees and how they map to functions defined by the regime
  • Embed the processes of assessment, certification, and authorisation into your existing workflow
  • Clearly and efficiently demonstrate SMCR compliance to the regulatory body (FCA)

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Resources for Senior Managers & Certification Regime Management (SMCR)

  • Blog

Key Facts about Senior Managers & Certification Regime (SMCR)

The Senior Managers & Certification Regime (SMCR) aims to protect consumers by empowering firms and regulators …

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  • Blog

SMCR Blog 1- The Challenges you may face with SMCR

Soon, all firms regulated by the FCA in the UK will be required to demonstrate their …

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  • Datasheet

Senior Managers & Certification Regime (SMCR) Management Datasheet

Challenge The Senior Managers and Certification Regime (SMCR) presents some unique challenges to any financial services …

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