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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. Some key questions to consider include:

  • How do you know to what level you need to comply with the regime?
  • 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 solution 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 solution helps to build a centralised 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.

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