Like many projects, the most challenging part of implementing the Senior Manager and Certification Regime (SM&CR) is getting organised and ensuring the project is set up to ensure success. Without this, the chances of a flawed and ill thought through implementation increase dramatically.
Follow these 6 top tips for organising a successful SM&CR project;
1. Allow enough time
Our experience of multiple SM&CR implementations is that the project takes a minimum of 9 months from inception to go live. Although this is the minimum, most firms take between 9-12 months. The FCA have now published the implementation dates for SM&CR in Insurers and across the wider market across financial services, so there are no excuses for starting late. Click on the following links for more:
2. Make it a ‘proper’ project
Sounds silly, but from experience, we found lots of instances where line managers were trying to implement SM&CR ‘off the side of their desks’. SM&CR needs a project management professional to manage it. Part time is OK but having a professional to steer the project is key to success. And, by making SM&CR a project it will ensure sufficient resources, including funding, is allocated for implementation.
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5 Great Strategies for Successfully Implementing SM&CR in your Organisation