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Tips for Organising A Successful SM&CR Implementation | Worksmart

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Julie Pardy

Julie Pardy

With more than 30 years service in the Financial Services industry Julie has spent many years at the coal face undertaking a wide variety of roles in banking from Compliance to Sales, Operations to Training.

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:

https://www.fca.org.uk/publication/policy/guide-for-insurers.pdf
https://www.fca.org.uk/publication/policy/guide-for-fca-solo-regulated-firms.pdf

 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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 Download the Free Worksmart Information Sheet:

5 Great Strategies for Successfully Implementing SM&CR in your Organisation

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